Crypto Bill To Be Introduced In Winter Session: What You Need To Know

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Crypto Bill To Be Introduced In Winter Session: What You Need To Know

The crypto bill seeks to prohibit private cryptocurrencies in the country

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021- the official bill to regulate the digital currency will be introduced in the Parliament during the winter session that starts on November 29. 

The official crypto bill seeks to create a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill seeks to ban all private cryptocurrencies in the country, but will allow certain exceptions to promote underlying technology and its uses. 

The crypto bill is among a total of 26 bills that have been listed for introduction, according to a government statement today.

Last week, the first-ever Parliamentary panel discussion on cryptocurrency was held, where a consensus was reached that cryptocurrency cannot 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.

So far, the RBI has appeared very reluctant to accept cryptocurrencies, expressing concerns over potential risks to macroeconomic and financial stability, and capital controls.

RBI Governor Shaktikanta Das has stated that India needs much deeper discussions on the issue of cryptocurrencies. “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved. I’m yet to see serious, well-informed discussions in the public space on these issues,” Das said.

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