Indian authorities are considering a new bill that would ban users from trading unofficial cryptocurrencies

NEW DELHI: The Indian authorities on Thursday considered introducing a new bill at the upcoming budget meeting that would consider the issuance of official digital currencies by the State Board of Foreign Exchange Reserves and ban non-institutional cryptocurrencies, Blockbeats reported. Given the ruling party's control of both houses of parliament, the bill has a good chance of passing.

According to local media reports, the Official Digital Currency Cryptocurrency and Regulation Bill 2021 aims to ban all (unofficial) cryptocurrencies in India and provide a framework for official digital currencies issued by the Reserve Bank of India (RBI).

If the bill is approved, India would become the only major Asian economy to ban non-institutional cryptocurrencies.

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