The Indian government is planning to launch its own digital currency, which led to confusion about whether the private cryptocurrency is going to be banned or not. The private cryptocurrency regulation proposal, “Cryptocurrency and Regulation of Official Digital Currency Bill,” 2021 was introduced in the parliament in February. Now, Industry Body Internet and Mobile Association of India (IAMAI), revealed on Monday that this move of the introduction of govt-issued digital currency may not lead to a ban on other private digital assets. According to IAMAI, fiat currency plays a totally different role as compared to the other private digital currencies in India, and both of the currencies can co-exist. However, a probability of a ban on private cryptocurrencies was raised when the CRO was introduced in the budget session of 2021. IAMAI’s Comment on the Introduction of Official Digital Currency Industry body Internet and Mobile Association of India said that it appreciates the move of the Indian Government to officially introduce a digital asset in the country. In addition to this, the association also said that it would also like to bring to people’s notice that the introduction of the official digital asset has been indicated in a section of the media that it is a prerequisite to banning other private cryptocurrencies like Bitcoin. Along with this, the association also mentioned that the pre-existence and usage of private cryptocurrencies by Indians opens a wide scope for the entrepreneurs to issue those currencies, and is likely that the Indians who already comprise 15% of the total global buyers will prefer an Indian digital currency. All About the Official Digital Currency Any digital currency can be considered as an intangible currency that is accessible through credit cards, mobile phones, and online digital currency exchanges. The added benefit of such digital currencies is that they have the potential to remarkably reduce the cost of transactions by the price of acquiring or even sharing user information safely. In their concluding statement, IAMAI also mentioned that official digital assets that are regulated by the government will provide propulsion to the even broader solicitation of the already distributed registry technology.
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