December 4, 2021

India's new draft law prohibits private cryptocurrencies

The Government of India intends to impose a practice ban on all cryptocurrencies issued in a private manner, including bitcoins and ether. These provisions are provided in the law, which will be discussed during the winter session of the plan.

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True, the law provides certain exceptions for promoting technology:

"To create a positive base for the creation of an official digital currency to be issued by the Reserve Bank of India."

"The draft law is also aimed at the prohibition of all common cryptocurrencies in India, but it allows certain exceptions for the advancement of the base and eq.

The ban establishes the basis for the issuance of the digital currency of the central bank of the country. The first version of the CBDC is expected to be released in 2022.

This news is not a surprise for those who follow the changes in the legislation of India on digital assets:

"Only after the coin is approved by the government, it can be sold, otherwise keeping it or exchanging it may incur a fine."

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