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ARTICLE · 16 FEBRUARY 2021

The Proposed Prohibition Of Cryptocurrency In India

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In January 2021, India's cryptocurrency investors and enthusiasts were shocked when the Lok Sabha Bulletin indicated that the Indian Parliament is considering the introduction of the...

IndiaTechnology
Seema Jhingan
Seema Jhingan
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In January 2021, India's cryptocurrency investors and enthusiasts were shocked when the Lok Sabha Bulletin indicated that the Indian Parliament is considering the introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (the "CryptoBill"). The Crypto Bill intends to ban "private" cryptocurrencies in India with certain exceptions to promote the underlying technology of cryptocurrency and provide a framework for creating an official digital currency, the central bank digital currency to be issued by the Reserve Bank of India ("RBI"). RBI had previously issued a circular on April 6, 2018 directing the entities regulated by the RBI not to deal in crypto/virtual currencies or provide any services for facilitating any person or entity dealing with or settling virtual currencies, and many banks suspended the current account operations of cryptocurrency platforms which effectively disabled crypto trading. The RBI circular was subsequently

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