India has planned to introduce a law to end regulatory uncertainty after the Supreme Court struck down the central bank’s curbs on trading in digital tokens like bitcoin. A cabinet note seeks a ban on use of cryptocurrencies through a law which would be similar to the one suggested by a panel headed by former Economic Affairs Secretary Subhash Chandra Garg.
Once the departments offer their views, the Finance Ministry would introduce the bill in Parliament, the official cited earlier said. There would still be scope for the RBI to introduce its own cryptocurrency or digital rupee, he said.
If there’s opposition to ban cryptocurrencies from departments or lawmakers when the bill is introduced, the government would take a call if there’s a need to regulate cryptocurrencies.