Government plans to introduce an official digital currency soon, private crypto coins to be outlawed

  • Amid a global surge in cryptocurrencies, the Union Finance Ministry has stated that it will make a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies.
  • In a letter to VHP leader Girish Bharadwaj, dated 10 November, Union Dy Director Sanju Yadav affirmed that all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.
  • Currently, India has two crypto unicorns namely CoinSwitch Kuber and CoinDCX. The Centre has been planning to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament for the past two sessions.

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