Based on the latest reports, India will follow in the footsteps of China and possibly impose a complete cryptocurrency ban. During the board meeting held on Friday, the Reserve Bank of India discussed various issues with the Central Bank Digital Currency (CBDC) and privately held cryptocurrencies.
The Reserve Bank of India Calls for a Total Ban
This is not the first time that the Reserve Bank of India believes privately-held cryptocurrencies are problematic. The organization has always had reservations about crypto. However, now it’s working on launching the Central Bank Digital Currency and calls for complete crypto investing ban.
Some of the board members were also looking for a balanced observation of the current state of digital assets, asking for their effects on the technological developments and implications to the financial sector of the country.
Furthermore, the Indian government is looking to introduce the Cryptocurrency and Regulation of the Digital Currency Bill in 2021. Still, this bill is unlikely to be presented by the end of the year, as more details need to be finalized.
Currently, the bill is dropped from the list of businesses on the official Parliament’s website.
Some sources claim that Prime Minister Narendra Modi will take the final call on the proposed bill, as he’s already discussing it with experts.