https://www.thehindu.com/sci-tech/technology/india-proposes-law-to-ban-cryptocurrencies-create-official-digital-currency/article33703822.ece [p] * Return to frontpage [ ] * * * * * * * ePaper Return to frontpage Return to frontpage * Home * News + National + International + States + Cities * Budget 2021 * Opinion + Cartoon + Columns + Editorial + Interview + Lead + Readers' Editor + Comment + Open Page + Letters * Business + Agri-Business + Industry + Economy + Markets + Budget 2021 + Stock Quotes * Sport + Cricket + Football + Hockey + Tennis + Athletics + Motorsport + Races + Other Sports * Entertainment + Art + Dance + Movies + Music + Reviews + Theatre * Science * Life & Style + Fashion + Fitness + Food + Motoring + Travel + Homes and gardens + Luxury * thREAD * * Subscribe Now * Subscribe Now * Sign In The Expert Series on COVID-19 - Download PDF Return to frontpage India proposes law to ban cryptocurrencies, create official digital currency Share On * * * * * * * * Sci-Tech * Science * Technology * Health * Agriculture * Environment * Gadgets * Internet * Sci-Tech * Technology Technology India proposes law to ban cryptocurrencies, create official digital currency [author-dea] Reuters MUMBAI, January 30, 2021 17:57 IST Updated: January 30, 2021 17:59 IST Reuters MUMBAI, January 30, 2021 17:57 IST Updated: January 30, 2021 17:59 IST The law will "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India" Share Article * * * * * * * * PRINT * A A A [1x1_spacer] A visual representation of the digital Cryptocurrency, Bitcoin. | Photo Credit: Getty Images The law will "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India" The Centre plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government. The law will "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India [RBI]," said the agenda, published on the Lower House website on January 29. The legislation, listed for debate in the current parliamentary session, seeks "to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," the agenda said. In mid-2019, a government panel recommended banning all private cryptocurrencies, with a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies. The panel has, however, asked the government to consider the launch of an official government-backed digital currency in India, to function like bank notes, through the Reserve Bank of India. The RBI had in April 2018 ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as bitcoin within three months. However, in March 2020, the Supreme Court allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a central bank ban had that dealt the thriving industry a major blow. Governments around the world have been looking into ways to regulate cryptocurrencies but no major economy has taken the drastic step of placing a blanket ban on owning them, even though concern has been raised about the misuse of consumer data and its possible impact on the financial system. You have reached your limit for free articles this month. Subscribe Now Already have an account ? Sign in Start your 14 days free trial. Sign Up Subscription Benefits Include Today's Paper Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list. 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Next Story New Toyota tech unit promises world's safest drive 1. Comments will be moderated by The Hindu editorial team. 2. Comments that are abusive, personal, incendiary or irrelevant cannot be published. 3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and'). 4. We may remove hyperlinks within comments. 5. Please use a genuine email ID and provide your name, to avoid rejection. Printable version | Jan 31, 2021 4:00:23 AM | https:// www.thehindu.com/sci-tech/technology/ india-proposes-law-to-ban-cryptocurrencies-create-official-digital-currency /article33703822.ece (c) THG PUBLISHING PVT LTD. 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