What you need to know
- India is set to consider and potentially pass a bill that will end private cryptocurrency activity in the country.
- In place of private cryptocurrencies, India will have its own official digital tender.
- This strategy differs greatly from other countries, such as El Salvador, wherein the current global crypto landscape is being embraced as-is.
Cryptocurrency remains a hot button issue for just about anyone with something big at stake when it comes to the shakeup of monetary systems as we know them. Billionaires such as Elon Musk and Mark Cuban have weighed in on the crypto situation, and El Salvador has openly embraced the idea of building an entire Bitcoin City next to a volcano. But India is not nearly as jazzed about the state of crypto, and has a more conservative approach to the subject in the pipeline.
As can be seen in a to-be-considered bill the country may soon pass and adopt, entitled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021," private cryptocurrency may soon go the way of the dodo within the country's borders. Here's the bill's described purpose: "To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."
In other words, blockchain usage may still be fine, but not if you're in the Ethereum business or have similarly crypto-focused ambitions.