Paving the way for an official digital currency? India prepares to pass legislation to ban most private cryptocurrencies

India is seeking to introduce a cryptocurrency regulation bill in the winter session of parliament that would ban all private cryptocurrencies except in isolated cases, the government said Tuesday.

The Indian government is set to pass the Cryptocurrency and Official Digital Currency Regulation Bill 2021 in the winter session of parliament, according to media reports on Tuesday. The bill aims to set an overall framework for the RBI's proposed official digital currency.

The RBI is reportedly interested in launching an official digital currency, but has not yet announced it.