Cryptocurrency Bill to be introduced in Parliament in winter session; govt. intends to create official digital currency and ban private players

Publish Date: 24 Nov, 2021 |
 

The Central government has listed a bill on cryptocurrency to be proposed in upcoming winter session of parliament this year. The bill intends to create the official digital currency that will be issued by Reserve Bank of India. 

Cryptocurrency Bill 2021

The Bill up for introduction and passing in parliament is titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

“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,” said the parliament bulletin.

The bill also intends to prohibit all private cryptocurrencies in India except certain exemptions to promote the underlying technology of cryptocurrencies and its uses. 

The Centre seeks to introduce in all 26 new bills in Lok Sabha in the upcoming Winter session of the parliament. 

Sources close to Indian government indicate that India might not completely close doors to this concept and technology of digital currency and will not take a harsh stand like China. 

Cryptocurrency in India

The government was opposed to the concept of cryptocurrency being used as currency as currency notes and coins are supported by regulations of Reserve Bank of India,which also regulates it in consultation with the government of India.

"The currency has the backing of the sovereign. It can be regulated at every level. In case of cryptos getting the status of currency, the problem remains, who will provide the guarantee," said an official.

 

 

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