India will soon ban bitcoin govt may launch its own cryptocurrency

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament, a senior Finance Ministry official said on condition of anonymity. This

would include a ban on transacting directly via foreign exchanges. The official, however, said the ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The government has listed The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for introduction in the ongoing Budget session of Parliament. “To create a facilitative framework for creation of the official digital currency to be issued by the RBI,” the purpose of the Bill stated. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”