<img src="https://trc.taboola.com/1321591/log/3/unip?en=page_view" width="0" height="0" style="display:none">
Fact Check Library

Fact Check with Logically.

Download the Free App Today

Partly_True
partly true

CLAIM ID

c74aa1a9

Indian government plans to ban private cryptocurrencies.

The Indian government is yet to introduce a CBDC bill in 2021 to ban all cryptocurrencies. The bill's new rules and regulations are still unknown.

The Indian government intends legislation prohibition on all private cryptocurrencies in the country, with some exceptions to promote cryptocurrency's underlying technology. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is one of 26 amendments to be introduced in Lok Sabha during the winter session beginning on November 29.

In July 2021, the Reserve Bank of India (RBI) said it was working on its digital currency and the Central Bank Digital Currency. A Central Bank Digital Currency (CBDC) is a digital form of legal tender issued by RBI. It is the same as a fiat currency and can be exchanged one for one. The RBI deputy governor T Rabi Sankar said that "CBDC is a digital or virtual currency, but it is not comparable to the private virtual currencies that have mushroomed over the last decade."

There is speculation that government will bring The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The content of the bill is yet to confirm regarding what the regulation and restrictions are; hence we mark this claim as partly true.

Have a question or correction on one of our fact-checks?

If you think a claim has been misjudged or requires correction, please send us evidence to support your error claim. We will revisit our evidence and verdict and conduct additional research to verify new information.

Fact Check of the Day

false

The BBC censored the crowd booing Boris Johnson at the Queen’s Platinum Jubilee celebrations.