Blockchain Technology — Tech Evolutions

Entry	Year	Description	Impact
Proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021	2021 (Proposed)	This proposed bill aimed to prohibit all private cryptocurrencies in India, with certain exceptions to promote the underlying technology of blockchain and its uses. Simultaneously, it sought to create a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI).	While the bill was never passed, its introduction signaled the government's intent to tightly regulate or ban private cryptocurrencies while embracing a sovereign digital currency. It highlighted the legislative challenges in defining and regulating novel digital assets, and its principles continue to influence ongoing policy discussions and regulatory actions, such as the taxation of virtual digital assets.