03:15 GMT03 March 2021
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    NEW DELHI (Sputnik) - India's parliament will discuss a new bill that would ban all private cryptocurrencies in India and create a legal framework for the issuance of the official digital currency, according to a legislative agenda listed on the lower house's website.

    The bill will be reviewed during the current budget session of the parliament that started earlier this week.

    "To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. 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," the agenda said.

    Cryptocurrency exchanges and their trading, which are not regulated by any rules in India, have become a serious point of concern for the authorities, especially after the Supreme Court in March 2020 overturned the ban on digital currency trading imposed by the Central Bank in 2018.

    Tags:
    law, cryptocurrency, India
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