The Government of India is looking forward to ban the use of cryptocurrencies in the country.
This announcement comes after Prime Minister Narendra Modi described cryptocurrencies, which are extremely popular in India but are not regulated by the government, as a realm that needs to be properly monitored.
With speculations making rounds, the government is set to change its stance on digital currencies, and also aimed at banning private cryptocurrencies is ongoing.
He cautioned that they are dangerous to children and might “spoil our youth” if they fall into the wrong hands.
According to a bulletin of parliament’s impending business, the bill, titled “Cryptocurrency and Regulation of Official Digital Currency Bill,” seeks to prohibit all private cryptocurrencies in India.
The measure would also allow “for some exclusions to promote the underlying technology of cryptocurrencies and their usage,” according to the statement.
The legislative body is also establishing a framework for a central bank-backed digital currency that is expected to be introduced in the lower house next week.
After the decision on the bill’s future was announced, cryptocurrency prices fell drastically on Indian exchanges.