There was a momentary ban implemented on trading cryptocurrencies in India by the Reserve Bank of India, however, it was later reversed on the order of the Supreme Court in March 2020.
There are speculations, that the government might be looking at a permanent ban soon. The lower house of parliament has revealed plans to introduce a law that would ban “all private cryptocurrencies” in the country and facilitate a new cryptocurrency format issued and managed by RBI.
This new bill will be proposed in the current parliament session. However, there is no guarantee as to if the bill will pass to become a law or not
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021
The Indian Parliament, in the current Budget session, will consider a bill that prohibits all private cryptocurrencies. The bill is expected to create an official digital currency to be issued by the Reserve Bank of India, according to a bulletin of the Lok Sabha for the Budget session. The schedule for the session also reveals that 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' is slated for introduction, consideration, and passing during the session.
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