Crypto news India: Govt to introduce bill on Cryptocurrency after cabinet approval

‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ will be among the 26 new bills that will be introduced by the Government of India during the Parliament Winter Session. ‘Cryptocurrency Bill, 2021’ in India to ban all the private cryptocurrencies in the country.

Created On: Nov 24, 2021 11:13 ISTModified On: Nov 30, 2021 17:00 IST
Cryptocurrency ban in India
Cryptocurrency ban in India

Cryptocurrency news today: The Finance Minister Nirmala Sitharaman said on November 30, 2021, that the Central Government will soon introduce the bill on Cryptocurrency- ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’- after the Union cabinet's approval. 

The Union Finance Minister, during the question raised in Cryptocurrency in Rajya Sabha, informed that this is a risky area and is not in a complete regulatory framework. No decision has yet been taken on the banning of advertisements on Cryptocurrency. 

‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ will be among the 26 new bills that will be introduced by the Government of India for the Winter Session of Parliament that has started from November 29, 2021.

Govt will introduce a ‘Cryptocurrency Bill, 2021’ in India to ban all the private cryptocurrencies in the country. However, it will provide certain exceptions to facilitate the underlying technology of Cryptocurrency.

Earlier in November 2021, Prime Minister Modi had chaired a high-level meeting on the way forward regarding Cryptocurrency and the related issues. Reportedly, the officials at the meeting realized that attempts of misleading the youths of the country by over-promising and non-transparent advertising must be stopped.

Govt to introduce bill on Cryptocurrency ban in India

1. ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ aims to create a facilitative framework to create the official digital currency which will be issued by the Reserve Bank of India.

2. The bill will also seek to prohibit all the private cryptocurrencies in India. However, the Crypto bill or Cryptocurrency Bill, 2021 will allow certain exceptions for facilitating the underlying technology of cryptocurrency and its uses.

Why govt has decided to ban Cryptocurrency in India?

The meeting which was chaired by PM Modi on the way forward for Cryptocurrency and its uses strongly felt that the attempts of misleading the youth regarding Cryptocurrency must be immediately stopped.

The discussion was also held on the unregulated markets of Cryptocurrency that cannot be allowed to become the path for terror financing and money laundering.

The meeting on Cryptocurrency was an outcome of a consultative process. Previously, the Finance Ministry of India, Reserve Bank of India, and Home Affairs Ministry had already done an elaborate exercise on it, including the consulted experts from across India and the world.

Also Read: Cryptocurrency Bill – All You Need to Know

Parliament Winter Session

The winter session of Parliament will commence from November 29, 2021, and the Central Government is planning of introducing new bills before being taken up for passage.

Apart from the 26 new bills, including a bill to ban Cryptocurrency in India, three bills that are referred to the Standing Committees, are also on the agenda of the Indian Government for consideration and passage.

Cryptocurrency Bill, 2021: Background

Crypto bill or ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, was not listed earlier among the 23 bills in the tentative list of the Indian Government’s legislative and financial business that was tabled in Lok Sabha during the Monsoon Session of Parliament.

Before that, Crypto Bill was also expected to be taken up during the Budget Session. However, it did not happen as the session was curtailed by the second wave of pandemic.

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