Bill to be introduced to prohibit all private cryptocurrencies in India

Wednesday, 24 November 2021 - 0:35

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New Delhi: A Bill to prohibit all private cryptocurrencies in India with certain exceptions is expected to be taken up for final consideration and passing during the Winter Session starting on November 29, 2021.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 new Bills of a total of 29 Bills in the government's legislative agenda. The government's objective is, "To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."

The Bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

This comes a week after the first-ever Parliamentary panel discussion on the broad contours of crypto finance, where a consensus was reached 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.