Prices of cryptocurrencies crashed after India proposed a law to prohibit all private players in the segment.

The central government has proposed to present a Bill on cryptocurrency in the upcoming Winter Session of Parliament to facilitate creation of the official digital currency to be issued by the Reserve Bank of India (RBI).

The Bill, christened “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, will be up for introduction and passing in Parliament.

According to a Parliament bulletin, “The stated intent of the Bill is to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.