Bill To Ban Private Cryptocurrencies To Come Up In Winter Session

A Bill to prohibit all private cryptocurrencies in India with limited restrictions is scheduled to be taken up for final review during the Winter Session, which begins on November 29, 2021. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is one of 26 new bills on the government’s legislative agenda, out of a total of 29. “To build a conducive framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” the government said.

During Parliament’s Winter Session, which begins on November 29, the government plans to introduce a measure banning private cryptocurrencies and creating a framework for an official digital currency to be issued by the Reserve Bank of India (RBI).

The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021, according to a Lok Sabha bulletin posted on Tuesday, will “provide for some exceptions to promote the underlying technology of cryptocurrency and its purposes.”

RBI Governor Shaktikanta Das raised his concerns about cryptocurrencies for the second time in a week on last Tuesday, stating that virtual currencies had “much deeper vulnerabilities” that might threat the country’s economic and financial stability.

Earlier During this month, Prime Minister Narender Modi held a meeting on cryptocurrencies in response to concerns over false claims of high profits on cryptocurrency investments.

The Centre has also stated that it intends to make new modifications to income tax regulations in order to bring cryptocurrency bringing under the tax net, and that it will do so during the Union Budget next year.

Private Crypto to be banned and RBI to issue new Crypto in India