A bill to ban private cryptocurrencies with certain exceptions would be passed in the Parliament during the Winter Session starting on November 29, 2021.
The Bill, titled “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.”
It is all known knowledge that the first-ever Parliamentary panel discussion on the broad contours of crypto finance took place. In the meeting, it was finalised that cryptocurrency can’t be stopped but must be regulated.
The standing committee on finance meeting was chaired by BJP’s Jayant Sinha, who met representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders on November 16.
The Reserve Bank of India and Securities and Exchange Board of India expressed their opinions about the unregulated growth of cryptocurrencies in India.
“On crypto…we have serious concerns from the point of view of macroeconomic and financial stability. How the issue has to be dealt with – we have given our detailed suggestions to the government; as far as I know, the matter is under the active consideration of the government, and the government will decide,” RBI Governor Shaktikanta Das had said at a media event.