India’s upcoming Winter Session will take up, for final considerations, a bill to prohibit all private cryptocurrencies in the country. The session will begin on November 29, 2021.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 new bills in the government’s Winter Session agenda. The government plans to, “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”
The Bill seeks to prohibit all private cryptocurrencies in India but will allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
The proposed Bill comes a week after the first-ever parliamentary panel discussion on crypto finance. During the discussion, a consensus was reached that cryptocurrency can’t be completely stopped but must be regulated.
The standing committee on finance meeting was chaired by BJP’s Jayant Sinh, who met representatives from crypto exchanges as well as Blockchain and Crypto Assets Council industry bodies and other stakeholders.
The security of investor’s money and misleading advertisements in the media surrounding investment potential and risks have been a great cause of concern. The government has held numerous meetings with stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also held a high-level meeting with officials on the issue.
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India have voiced their concerns about the unregulated growth of cryptocurrencies in India. Whilst voicing concerns, the two firms have kept vulnerable retail investors in mind.
At a media event, RBI Governor Shaktikanta Das said, “On crypto…we have serious concerns from the point of view of macroeconomic and financial stability. How the issue has to be dealt with – we have given our detailed suggestions to the government; as far as I know, the matter is under the active consideration of the government, and the government will decide.”
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