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India Considers Its Own Digital Currency, Even as It Cracks Down on Crypto

  • RBI panel report on virtual currencies expected end-June
  • Gives payment system operators 6 months to move data to India
SberBit Cryptocurrency Mining Hotel As Bitcoin Futures Start With A Bang
Photographer: Andrey Rudakov/Bloomberg

India’s central bank is exploring the creation of a digital currency even as it escalates a crackdown on existing instruments such as bitcoin.

The Reserve Bank of India has set up a panel to study the desirability and feasibility of introducing a virtual currency, and the group will submit its report by the end of June, the RBI said in a statement on Thursday. However, it also said it is banning banks and other regulated entities from providing services to users, holders and traders of cryptocurrencies.