In 2019, an inter-ministerial committee under then Secretary of Economic Affairs Subhash Garg had suggested that private cryptocurrencies such as bitcoin be banned and any activity related to virtual currencies be criminalized.
The government will soon introduce a bill in Parliament that will explicitly ban private cryptocurrencies such as bitcoin, as it agrees with the central bank that allowing private parties to play with currencies can potentially threaten the stability of the financial sector.
But cryptocurrency and the regulation of the official digital currency law, 2021, will facilitate the launch of any official digital currency and strengthen an ecosystem around it. The Reserve Bank of …
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