On Tuesday, the government announced it would introduce the new Bill in Parliament during the upcoming winter session. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” it added. In the aftermath of the Supreme Court order, cryptocurrency exchanges and trading platforms started mushrooming across the country. Currently, cryptocurrency exchanges in India operate with the support of a handful of banks including Punjab National Bank (retail), Federal Bank, Bank of India, Bank of Maharashtra, Indian Bank, Deutsche Bank, etc, and one major e-wallet issuer. Notably, even as both the government and the RBI were on the same page with respect to the functioning of cryptocurrency platforms, they were in favour of use of the underlying blockchain technology.

Source: Indian Express November 26, 2021 05:50 UTC