Government to ban private cryptocurrencies including Bitcoin

On November 23, all major cryptocurrencies dropped by 15% or more, with Bitcoin down over 17%, Ethereum down almost 15%, and Tether down nearly 18%.

New Delhi: The government on Tuesday listed 26 bills for the upcoming session of Parliament beginning November 29, including the much-talked-about bill to regulate and restrict cryptocurrency in the country .

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will set up a framework for the Reserve Bank of India to issue an official digital currency and outlaw all private cryptocurrencies like Bitcoin and Ethereum.

According to the parliament bulletin, the Bill, which will be presented to parliament in the next session, will allow exceptions to promote the underlying blockchain technology.

Prime Minister Narendra Modi had earlier this month said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Giving an example of the virtual currency, he had said, "Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth."

Several high meetings have been held to discuss the regulation of cryptocurrencies. The Parliamentary Stnading Committee had also called for the regulation.

The central bank has voiced "serious concerns" about private cryptocurrencies and is set to launch its own digital currency by December. The government intends to allow an official digital currency by the RBI instead.

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With Agency Inputs