The Indian government intends to create an official digital currency by preparing a bill to regulate cryptocurrency, which will be presented to Parliament on November 29.
According to Arabiya Net, Prime Minister Narendra Modi's government is proposing to help the central bank create an official digital currency, according to a bill description, which was posted on Parliament's website on Tuesday. .
Bloomberg quoted the text of the bill, which said: The bill also seeks to ban all private cryptocurrencies in India, however, it allows some Exceptions to promote the underlying technology of cryptocurrencies and their uses.
The contents of the bill have not yet been finalized, according to sources who spoke to Bloomberg.
India has had a volatile relationship with cryptocurrencies in the past few years, banning crypto transactions in 2018, but the Supreme Court overturned that restriction in March 2020.
In recent months, there have been calls for stricter rules for transactions in virtual currencies as an unregulated environment could drive more domestic household savings toward this category of cryptocurrency. assets.
As India's central bank opposes virtual private currencies, Bank Governor Shaktikanta Das said the country needs much deeper discussions on the issue of cryptocurrencies.
