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Cryptocurrency Regulation Bill in Winter Session, may prohibit all private cryptos

Team MVR

A big news for Crytocurrency users.

The government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Winter Session of Parliament, which will be held from November 29 to December 23.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is part of the 26 bills that the government plans to introduce in the session.

The bill seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. It 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”, as per the bill listed for introduction on the Lok Sabha website.

“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,” the bulletin added.

Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. As per the report, there are a total of around 15 million active subscribers on different crypto exchanges in India, with the value of around $6 billion.

Earlier this month, Prime Minister Narendra Modi chaired a meeting on cryptocurrencies, and noted that attempts were being made to mislead youth by over-promising and non-transparent advertising, and should be stopped.

Prime Minister Narendra Modi recently in the Sydney Dialogue said that cryptocurrencies must not fall into the “wrong hands and spoil our youth” and urged all democratic nations to work together to ensure such a thing does not happen. “We are in a time of transformation.” PM Modi further stated that the world has ushered in a new era of opportunities for progress and prosperity. “But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order,” he said.