Private Crypto to be banned and RBI to issue new Crypto in India; Bill likely in Winter Session

Private Crypto to be banned and RBI to issue new Crypto in India; Bill likely in Winter Session Govt to introduce 'The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021' in winter session of Parliament Bill seeks to create a facilitative framework for creation of official digital currency to be issued by RBI & ban all private cryptocurrencies in India 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 Bills. "To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India," the government says. Investor money security and misleading media advertisements about investment potential and risks have long been a source of concern. The government has held several meetings with all stakeholders to discuss digital currency regulation. Prime Minister Narendra Modi has also presided over a high-level meeting on the issue with officials from various ministries and the RBI. Concerns have been expressed by the Reserve Bank of India and the Securities and Exchange Board of India about the unregulated growth of cryptocurrencies in India, with vulnerable retail investors in mind. [caption id="attachment_109095" align="alignnone" width="1280"] Private Crypto to be banned and RBI to issue new Crypto in India[/caption]