India's digital currency is facing huge problems

As countries, especially developed economies, are paying accelerating efforts on developing official digital currencies, India has also repeated its intention to follow up the agenda, with latest efforts on weighing a new law to ban private crypto-currencies and to pave the way for official digital currency issuance. However, with currently insufficient financial and technological prerequisites, it may not be a mature decision for India.

India considers to roll out a law to ban private crypto-currencies including bitcoin, which will "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI)," media reports said, citing an official statement.

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