India will again consider a bill to ban “private cryptocurrencies” – Bits Media

The lower house of the Indian Parliament will consider the bill, banning “private cryptocurrencies” and regulating government digital currency, in December this year.

The authors of the bill propose to create a “favorable basis for issuing state digital currency". Besides, The document proposes to ban "private cryptocurrencies" with the exception of assets "to promote the underlying technology of cryptocurrency and its use".

Bill, proposing to ban "private cryptocurrencies", was already discussed by the Government of India in February this year and was rejected by a majority vote. But even its discussion caused panic among representatives of the cryptocurrency industry.

Recall, that the Reserve Bank of India (RBI) banned the provision of banking services to cryptocurrency firms at the beginning 2018 of the year. However, last March, after long trials, The country's Supreme Court ruled to lift this ban.

Earlier this month it became known, that the Indian government intends to ban the use of cryptocurrencies to pay for goods and services, however, will allow trading of digital assets. Besides, India plans to reduce tax on transactions with cryptocurrencies.