It Seems India is Not Banning Bitcoin Now, But Making Plans To Regulate It Instead

India has reversed its previous position of a total crypto ban, saying that they are developing a regulatory framework instead.

The Indian finance minister Nirmala Sitharaman said in a CNBC-TV interview that they “the government’s position on crypto will be calibrated and it wants to make sure there is a window available for all types of experiments in the crypto world.”.

India Are Creating A Central Bank Digital Currency (CBDC) Called “Digital Rupee”

In January, the Indian Parliament tabled the Bill “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” suggested a ban on cryptocurrencies in India. Additionally, the same committee has pitched for the introduction of an official digital currency that will be appropriately regulated by the Reserve Bank of India.

The “Digital Rupee” has been defined as “currency issued digitally by the Reserve Bank and approved by the Central Government to be legal tender”, an official currency of India.