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.