A Bill to prohibit all private cryptocurrencies in India with sure exceptions is predicted to be taken up for last consideration and passing throughout the Winter Session beginning on November 29, 2021. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 new Bills of a whole of 29 Bills in the government’s legislative agenda. The government’s objective is, “To create a facilitative framework for the advent of the respectable digital forex to be issued via the Reserve Bank of India.”
The Bill additionally seeks to limit all non-public cryptocurrencies in India; however, it approves for certain exceptions to promote the underlying science of cryptocurrency and its uses.
This comes a week after the first-ever Parliamentary panel dialogue on the large contours of crypto finance, the place a consensus was once reached that cryptocurrency cannot be stopped but must be regulated.
The standing committee on finance assembly used to be chaired with the aid of BJP’s Jayant Sinha, who met representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), enterprise bodies, and different stakeholders on November 16.
Security of investors’ cash and deceptive commercials in the media regarding investment workable and risks have long been a purpose of concern. The government has held several conferences with all stakeholders to discuss the rules of digital currencies. Prime Minister Narendra Modi has additionally chaired a high-level assembly with officers from more than a few ministries and RBI on the issue.
The Reserve Bank of India and Securities and Exchange Board of India have voiced concerns about the unregulated increase of cryptocurrencies in India, keeping prone retail buyers in mind.
“On crypto…we have serious concerns from the point of view of macroeconomic and financial stability. How the difficulty has to be dealt with – we have given our distinctive hints to the government; as a ways as I know, the count is under the active consideration of the government, and the authorities will decide,” RBI Governor Shaktikanta Das had stated at a media event.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.