The Indian government is planning on reframing rules on cryptocurrencies with the purpose of banning private digital coin. In addition to this, the government is deploying a framework to create an official digital currency via the Reserve Bank of India (RBI). The bulletin shares that the forthcoming bill intends to forbid all private cryptocurrencies in India. Catalyzing the move, RBI has expressed concerns to governor Shaktikanta Das over private cryptocurrencies, tagging them as a threat to financial growth and macroeconomic stability. In July 2019, a downright ban on all forms of private cryptocurrencies was proposed by a government panel formed of high-level entities.

Source: Economic Times November 25, 2021 06:05 UTC