Friday, 24 March, 2023

India to ban private cryptocurrencies, plans official digital currency

<p>India would prohibit all private cryptocurrencies i.e bitcoin and introduce an official digital currency issued by the RBI. The panel re-considered the launch of govt-backed digital currency after it had banned it in 2019 with a jail term of up to 10 years and large fines. In 2018 the RBI also ordered financial institutions to cut-off dealings in virtual currency. The Supreme Court in March 2020 allowed banks to handle transactions in cryptocurrency.</p> <p>&nbsp;</p>