The Indian government is said to introduce a bill which will ban the trading of cryptocurrencies in India with some exceptions and will introduce a framework for an official digital currency which will be issued by RBI.
Previously, RBI had banned banks from dealing in cryptocurrency but the decision was overturned by the order of the Supreme Court in March 2020. The Regulation of official Digital Currency Bill, 2021 might be introduced in the Budget session of the Parliament.
If the bill is passed it will prohibit the use of cryptocurrency legal mode of transaction and will kept out of the payment system and RBI & Enforcement Directorate will be appointed as the investigating authority for offences under the bill.
