The Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others. The decison was made in the legislative order of business for the budget session of 17th Lok Sabha.
The Center is also planning to create an official digital currency similar to the one issued by the Reserve Bank. The issue is on the legislative agenda released by the Center.
According to the agenda published on the Lok Sabha website, the legislation also seeks to outline the creation of the official digital currency to be issued by the Reserve Bank.
The agenda states that the law to be introduced within this Parliament session, intends to ban all private digital currencies in India.
In mid-2019, a government appointed committee recommended a ban on all private cryptocurrencies and up to 10 years in prison and a hefty fine. The committee also asked the government to consider the idea of a government-regulated official digital currency that could be used as a banknote.