Title: The Indian government may ban cryptocurrencies like bitcoin
Headings: India might ban private cryptocurrencies like bitcoin and develop a national digital coin
India might ban private cryptocurrencies like bitcoin and develop a national digital coin
Key Points

Content: The Indian government may ban cryptocurrencies like bitcoin
Cryptocurrency
India might ban private cryptocurrencies like bitcoin and develop a national digital coin
Published Sat, Jan 30 202112:14 PM EST Updated Sat, Jan 30 20216:15 PM EST
Abigail Johnson Hess @AbigailJHess
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Key Points
The “Cryptocurrency and Regulation of Official Digital Currency Bill” moves “to create a facilitative framework for 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.” Narendra Modi, India’s prime minister, speaks during the virtual United Nations General Assembly on Saturday, Sept. 26, 2020. Daniel Acker | Bloomberg | Getty Images
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 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 right-wing 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. Bitcoin’s value jumped more than 20% to $38,566 on Friday after Elon Musk changed his personal Twitter bio to #bitcoin. 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.