Recent legislative proposals by India’s government are not seeking to ban cryptocurrency outright, but rather create a legislative framework to regulate it as a security while prohibiting it as a payment method and instead promoting an Indian Central Bank Digital Currency.
The bill, titled the “Cryptocurrency & Regulation of Official Digital Currency Bill 2021” is identical to one proposed in Parliament last year in New Delhi.
“This bill actually facilitates the allocation of a budget for the creation of a fiat cryptocurrency called the digital Rupee and creates the infrastructure required for mass adoption and usage in the country just like China,” Harsh Rajat, Founder of the Ethereum Push Notification Service, explained to Blockworks.
“However, no blanket ban is proposed on other currencies. The RBI wants the digital Rupee to have a significant place in the Indian economy.”
