Bill to ban private cryptocurrency likely in budget session of Parliament – Times of India
NEW DELHI: The government is set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill during the current session of Parliament to ban private cryptocurrencies while putting in place a framework for the launch of a digital currency by the Reserve Bank of India. The Lok Sabha bulletin, released on Friday, said one of the purposes of the bill is to “prohibit all private cryptocurrencies in India” while providing certain exceptions to promote the underlying technology. In 2018, Arun Jaitley, then finance minister, had stated the government’s resolve to discontinue the use of bitcoin and other virtual currencies. And, RBI had banned cryptocurrency transactions. But recently, the Supreme Court permitted people to buy and sell virtual currency. Many see this as crea...