The Indian Parliament, in the current Budget session, will consider a bill that prohibits all private cryptocurrencies. The bill is expected to create an official digital currency to be issued by the Reserve Bank of India, according to a bulletin of the Lok Sabha for the Budget session.
In a tweet, Nischal Shetty, Founder of WazirX, said, “Let’s not be afraid. We’ve been preparing for this. We’ve been pushing for regulations. I believe this bill will be referred to a standing committee for further deliberations… .” He also tweeted that there’s a possibility of a new cryptocurrency bill being introduced in the Parliament that will help the RBI to create its own central bank digital currency (CBDC), and ban private cryptocurrency with some exceptions.