India plans to pass legislation to ban private cryptocurrencies. Instead of them, an official cryptocurrency may appear.
The national cryptocurrency will be issued by the Reserve Bank of India. Unregulated exchanges and their principles of anonymous trading in recent years have become a serious problem for the government – through bitcoin and other digital coins, transactions of a criminal nature take place.
The country’s authorities have previously expressed concern about the use of bitcoins in illegal activities, including money laundering. There have been attempts to regulate the market in the past, but they have had no effect. Creating own cryptocurrency based on blockchain technology will allow to resolve the situation without interfering with crypto investors.