New Delhi: A bill to prohibit all private cryptocurrencies in India and to create a facilitative framework for the creation of the official digital currency to be issued by RBI is on the agenda of the government for the winter session of the Parliament.
The Cryptocurrency and Regulation of Official digital currency Bill, 2021 is among the 26 new bills on the agenda of the government for introduction and passage during the winter session which is likely to begin on November 26
The bill seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”
The bill seeks to prohibit all private cryptocurrency in India but it allows for exception to promote the underlying technology of cryptocurrencies and its uses. Prime Minister Narendra Modi had earlier in this month chaired a meeting on the way forward for cryptocurrency and related issues.
According to media reports, the meeting strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising of the crypto markets.
It was also discussed that the unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing
The meeting was outcome,e of consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the world and country.
The new bill will be introduced by the Parliament before being taken up for passage. Apart from the 26 new bills, three bills were referred to the standing committees are also on the agenda of the government for consideration and passage.
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