India’s Parliament is expected to consider a bill to ban “private” cryptocurrencies that would allow the government to create a state-sanctioned digital alternative. The governing Bharatiya Janata party of Prime Minister Narendra Modi controls both houses of parliament, making passage of the bill likely if it gains support. The Crypto-currency and Regulation of Official Digital Currency measure of 2021 would empower the Reserve Bank of India (RBI) to create an official digital currency. “The draft bill seeks to ban ‘private’ crypto-currencies, but hasn’t defined what that means,” Jason Deane, Bitcoin analyst at Quantum Economics in London, said in comments sent to Newsweek . A bank teller counts stacks of 1,000 rupee banknotes inside a bank in Jammu, India. Mukesh Gupta/reuters Deane does not see the move as necessarily having a negative impact on Bitcoin. “This is being interpreted locally as a good thing, since it is seen as providing clarity going forward,” he said. “The consensus seems to be that it will not ultimately end up with an outright ban—more establishing a path for clearer regulation and India’s own Central Bank Digital Currency.” A digital currency issued by the central bank would create a digital version of India’s fiat currency,… Read full this story
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