In the legislative order of business for the budget session of 17th Lok Sabha that commenced today, the Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others. The bill also provides for the creation of a legislative framework on an official digital currency. An RBI booklet on payment systems issued on 25th Jan also showed that the central bank is exploring whether to issue a digital version of the rupee.
“Over 7 Million crypto holders in India. Over $1 Billion+ crypto assets owned by Indians. Will Government ban & erase all that wealth overnight? I don’t think so. Government will involve us, the industry, in further discussions and we’ll present our points,” said Nischal Shetty, CEO, WazirX, a cryptocurrency exchange.