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The government will move the cryptocurrency bill to the winter session;  Seeks to ban all private cryptos in India

The government is set to present the Cryptocurrency and Official Digital Currency Regulation Bill, 2021 to the Winter Session of Parliament for consideration and passage. The bill aims to ban all private cryptocurrencies in India.

The bill will also seek to create a framework for the official digital currency to be issued by the Reserve Bank of India.

The cryptocurrency bill, however, allows certain exceptions to promote the underlying technology and its uses. Details of the exceptions are not yet known.
The development comes after the first-ever parliamentary panel on cryptocurrencies led by BJP MP and former Union Minister Jayant Sinha gathered views from representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies and other stakeholders on crypto finance on November 16.

Reports had previously claimed that the government was unlikely to ban cryptocurrencies, but it could take a cautious approach to such investments and allow them as assets instead of currencies.

Sources previously told CNBC-TV18 that the measures taken by the government will be gradual and forward-looking, but deceptive crypto ads must be stopped. Due to concerns about potential risks for Indian investors, the Center is also of the view that unregulated crypto markets should not be misused for money laundering and terrorist financing, they said. .

Market experts have been demanding crypto regulation for some time now, as they fear that an unregulated environment with multiple platforms engaging in overly promising and non-transparent ads could mislead investors and result in losses. massive.

RBI has also repeatedly expressed concerns about the cryptocurrency. “Cryptocurrencies are a very serious concern and we have concerns from a macroeconomic and financial stability perspective. The RBI has made detailed suggestions to the government and the matter is under review by the government, ”RBI Governor Shaktikanta Das said on November 11.

(Edited by : Kanishka Sarkar)

First publication: STI


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