India’s government plans to introduce a bill in the country’s lower house that would ban private cryptocurrencies such as bitcoin and create a national cryptocurrency. The so-called “Cryptocurrency and Regulation of Official Digital Currency Bill” moves “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”
Additionally, “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.” Fronted by Prime Minister Narendra Modi, the Bhartiya Janata Party currently have control of India’s two houses of Parliament (the Lok Sabha and the Rajya Sabha), giving the legislation a strong possibility of passing.
This is not the first time Indian lawmakers have taken such a strong position on cryptocurrencies. In 2018, an Indian government panel recommended banning all private cryptocurrencies and proposed up to 10 years of jail time for offenders.