The Reserve Bank of India (RBI) has postponed its plans to introduce its own Central Bank Cryptocurrency.

Earlier in April 2018, an interdepartmental group was set up by the central bank to study the possibility of having a central digital currency that will be backed by Rupee. The main motive behind the feasibility study was to explore if cryptos could address the issues such as money-laundering, cyber-security, and black-money.

The government has restated that cryptocurrencies still cannot be considered as legal tenders. Moreover, an inter-ministerial entity is analyzing if crypto trading can be officially allowed in India. The committee is considering all issues such as licensing schemes for crypto entities and consequences of introducing an official digital currency in the country.