Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019


The Bill provides that cryptocurrency should not be used as legal tender or currency in India. It prohibits mining, buying, holding, selling, dealing in, issuance, disposal or use of cryptocurrency in the country.  In particular, the Bill prohibits the use of cryptocurrency for:

  • (i) use as a medium of exchange, store of value or unit of account
  • (ii) use as a payment system
  • (iii) providing services such as registering, trading, selling or clearing of cryptocurrency to individuals
  • (iv) trading it with other currencies
  • (v) issuing financial products related to it
  • (vi) using it as a basis of credit
  • (vii) issuing it as a means of raising funds
  • (viii) issuing it as a means for investment

The Bill allows for use of technology or processes underlying cryptocurrency for the purpose of experiment, research or teaching.

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Monday, July 22, 2019
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