The Indian government has shown an unstable relationship with digital currency over the last few years. In 2018, the Reserve Bank of India (RBI) placed a ban on digital currency transactions that the Supreme Court ruled on March 4, 2020\u2014stating that it was unconstitutional.<\/p>\n
Unfortunately, 2021 did not bring good news to the digital currency market, as it faced yet another setback after the government banned all non-government backed or private digital currencies with only some government regulated technologies as exceptions.<\/p>\n
Despite all the criticisms by the Reserve Bank of India on digital currency, it was reported last September that the country has started developing its own digital currency. This leads to speculations that the government is taking progressive steps towards the future of digital currency in India, which is big news for the advancement of digital assets like Bitcoin.<\/p>\n
India\u2019s plans for digital currency<\/strong><\/p>\n Prime Minister Narendra Modi has hinted at the plans of the Indian government to take \u201cprogressive and \u201cforward-looking\u201d steps on the future of digital currency in the country, following an open rebuke on how to stop misleading digital currency advertisements.<\/p>\n This information was released by sources affiliated with Asia News International (ANI), a leading broadcast agency in India.<\/p>\n \u201cIt was strongly felt that attempts to mislead the youth through over promising & non-transparent advertising be stopped.\u201d Nonetheless, \u201cthere was consensus also that the steps taken in the field of cryptocurrency & related issues by the Govt will be progressive & forward-looking. Govt will continue to pro-actively engage with the experts and other stakeholders.\u201d ANI posted on Twitter.<\/p>\n In addition to this, the government agrees that digital currency is evolving as a technology, and said it would play its part through close monitoring and positive steps.<\/p>\n The reports were revealed alongside the recently released attack on the ruling party, Bhartiya Janta, by India\u2019s main opposition party, the Indian National Congress (INC), regarding an alleged digital currency scam in Karnataka.<\/p>\n The ruling party is facing accusations of hiding the digital currency scam, and they have been asked to produce the names of people who facilitated the illegal activity.<\/p>\n \u201cThis is a case of intrigue, whitewash, concealment and deception smack of a deep-rooted conspiracy. It is India\u2019s biggest-ever bitcoin scam cover-up under the Karnataka BJP government\u2026\u201d INC spokesperson Randeep Singh Surjewala stated during a press conference.<\/p>\n \u201cInstead of conducting a fair investigation, the BJP Government of Karnataka appears to be preoccupied with a cover-up,\u201d he added.<\/p>\n Watch: CoinGeek New York panel, Government & Public Sector Applications on Blockchain<\/p>\n