The Indian government is set to bring in ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ to regulate the booming cryptocurrency market.
The bill that is to be introduced in the current parliament session will see the lawmakers debate the pros and cons of the existing setup.
Finance Minister Nirmala Sitharaman, on November 29, said that the government does not keep track of bitcoin transactions, and there is no proposal to recognize that cryptocurrency.
The government is wary of the potential for misuse of private cryptocurrencies and is likely to ban them. However, exceptions will be made to promote the underlying blockchain technology itself.
The bill may also lead to the creation of an official cryptocurrency backed by the Reserve Bank of India.
Cryptocurrency values in India have tumbled since the news came out, as the investors wait to see which private players get banned.
Bitcoin, Ethereum, and Tether are some of the most popular Cryptocurrencies in India.
This is a developing story and will be updated as the information unfolds.