India is in the process of banning Bitcoin and other digital currencies

The Indian government plans to ban digital currencies, especially Bitcoin, with the aim of launching an official digital currency for India.

The Indian House of Representatives’ agenda stated that the bill to be considered aims to “create an incentive base for the launch of an official digital currency to be issued by the Central Bank of India.”

The council noted that the bill also aims to ban all private digital currencies in the country, “but it accepts certain exceptions in order to pay and use the basic technology of digital currency.”

The problem of uncontrolled markets for digital currencies has become even more dangerous for the Indian government after the Supreme Court last March canceled the ban on trading in digital currencies.

Earlier, the Indian authorities expressed concern about the use of Bitcoin in illegal activities, including money laundering, in the absence of rules regulating this type of currency.

Source: Novosti

Follow RT on