Let us tell you that at present there is no regulation nor any restriction on the use of cryptocurrency in the country. However, there has been a demand for strict regulation of these from various sectors. The government had expressed its intention to introduce a bill on cryptocurrencies in the last session of Parliament itself. There was a plan of preparing a framework for the formation of an official digital currency on behalf of the Reserve Bank.
Finance Minister Nirmala Sitharaman made an important announcement in her budget speech. The Finance Minister informed that digital currency will be issued by the RBI from 2022-23 to promote the digital economy. With this, the way has also been cleared to bring regulated digital currency in India