Create an official digital currency to replace Bitcoin and all of the other private digital cryptocurrencies already on the market? The idea comes from India, and it could well be implemented by the government within a few months. Formalized on Friday on the website of the Lower House of Parliament, the project would establish “a framework for facilitating the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)” , while banning “all private cryptocurrencies”, with “certain exceptions”, in order to continue to promote the technologies underlying cryptocurrency.
This is not the first time that the idea of banning cryptocurrencies has been raised in India. In 2019, a government task force recommended banning them, even providing for heavy penalties for anyone using this type of digital currency. As early as April 2018, the RBI had already asked Indian financial institutions to reject cryptocurrencies. However, in 2020, the Supreme Court finally sided with Bitcoin advocates, overturning the central bank ban.. By banning virtual currencies in favor of a more official solution, India could not only better control the fluctuations of these funds, but also bring them stability close to conventional currencies, unlike cryptocurrencies, whose price fluctuates. Verry much. In recent weeks alone, for example, Bitcoin has fallen to just over € 24,000 per unit, before rising to over € 33,000 on January 8. In 2009, the first estimate of the value of a bitcoin brought the unit to around € 0.0007. So many records that do not seem ready to stop.