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The Indian Government will introduce a Bill to ban all private cryptocurrencies (Bitcoin, Ethereum, Dogecoin) in India and introduce an official digital currency issued by the Reserve Bank of India.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be introduced during the Winter Session of the Parliament, showing an official document on the scheduled House proceedings.
What is the bill about?
The Bill will allow some exceptions in the ban on private digital currencies “to promote the underlying technology of cryptocurrency and its uses”, according to the document.
The proposed law is among 26 Bills that are collected to be taken up during the Winter Session of Parliament that will commence on November 29. The Farm Laws Repeal Bill, which seeks to withdraw the three agriculture laws that faced widespread protests for nearly a year, is also on the list.
Currently, there are no regulations on the use of cryptocurrencies in India.
Government’s stance on Crypto in India
Last week, the Parliamentary Standing Committee on Finance held its first-ever meeting on cryptocurrencies with industry stakeholders. The panel, industry associations and experts on crypto finance agreed that the use of cryptocurrencies should not be banned in the country, but it should be regulated.
Earlier, Reserve Bank of India Governor Shaktikanta Das had said that cryptocurrencies could threaten the financial system since they are unregulated by central banks.
While delivering a keynote address at the Sydney Dialogue on November 18, Prime Minister Narendra Modi had urged all countries to ensure that cryptocurrency does not “end up in the wrong hands”.
The government had first listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for the budget session but deferred the move for wider consultations.
A high-level government panel had in July 2019 mooted an outright ban on all forms of private cryptocurrencies.
Earlier this month, Prime Minister Narendra Modi had chaired a high-level meeting on cryptocurrencies with officials from the RBI, Finance Ministry, and the Securities and Exchange Board of India (SEBI).