The Indian government is planning to introduce a bill to ban the decentralized digital currencies (private cryptocurrencies) like bitcoin and create a centralized national digital currency.
‘Cryptocurrency and Regulation of Official Digital Currency Bill’ says to establish a facilitative framework for the creation of digital currency to be issued by the Reserve Bank of India. Additionally, the bill will also prohibit all private cryptocurrencies in the country, but it will allow certain exceptions to promote the underlying tech and its uses.
Earlier in 2018, India took a strong check on cryptocurrencies by recommending banning of all private digital currencies and proposed 10-year jail term to the offenders.
Joining the list of nations to explore the development of its own digital currency, India will be the ninth nation to move ahead as planned. Earlier United States, Japan, China, Sweden, Canada, Estonia, Uruguay and Venezuela have explored the opportunity.