In November 2021, the Indian Government banned cryptocurrencies by proposing The Cryptocurrency and Regulation of Official Digital Currency Bill 2021.
The proposed bill bans cryptocurrencies and issues the alternative approved by the Indian Federal Bank, the Reserve Bank of India (RBI).
The draft Bill will introduced in Indian Parliament in the ongoing winter session.
It was planned to enact the legislation during Budget session held between February and May 2021 but deferred the move.
India will become the second country after China to ban cryptocurrencies if the bill is passed.
Despite the ban, the proposed bill allows the development of blockchain, which is the backbone of all cryptocurrencies.
This is the second effort of the Government of India to tackle cryptocu...
