New Delhi: The Central Government will introduce a Bill on Cryptocurrency to facilitate the creation of an official digital currency to be issued by the RBI in the Winter Session of Parliament. In this bill, it has been said to ban all types of private cryptocurrencies in India. 26 bills have been listed for the winter session of Parliament, including three to repeal agricultural laws and a bill related to cryptocurrencies.
This information has been given in the bulletin of the Lok Sabha Secretariat. The winter session of Parliament will begin from November 29 and is likely to continue till December 23.
The Cryptocurrencies and Official Digital Currency Regulation Bill 2021 to be introduced
According to the Lok Sabha Secretariat, the Cryptocurrencies and Official Digital Currency Regulation Bill 2021 will be introduced during the winter session of Parliament. In this, it has been said to facilitate the creation of official digital currency to be issued by RBI. In this bill, it has been said to ban all types of private cryptocurrencies in India. However, some relaxation has also been said in it, so that technology related to cryptocurrency and its use is encouraged. It said that a bill to repeal three agricultural laws will be introduced during the session. Cryptocurrency and official digital currency regulation will be among the list of bills to be introduced in the lower house during the winter session of Parliament, according to the Lok Sabha's bulletin. Bill 2021 is listed.
Cryptocurrency Bill to create a supporting framework for creation of official digital currency issued by RBI
The bill seeks to create a supporting framework for the creation of an official digital currency issued by the Reserve Bank of India. In this proposed bill, it has been said to ban all types of private cryptocurrencies in India. However, there are some exceptions to this, in order to encourage the technology and its use related to cryptocurrencies.
There is no restriction or regulation in the use of cryptocurrencies in India at present.
There is no restriction or regulation regarding the use of cryptocurrencies in India at present. It is against this background that Prime Minister Narendra Modi held a meeting with senior officials on cryptocurrencies earlier this month and indicated that strict regulatory measures would be taken to deal with the issue.
Talk about banning all types of private cryptocurrencies
The bill seeks to create a supporting framework for the creation of an official digital currency issued by the Reserve Bank of India. In this proposed bill, it has been said to ban all types of private cryptocurrencies in India. However, there are some exceptions to this, in order to encourage the technology and its use related to cryptocurrencies.
PM Modi had indicated strict steps to deal with the issue of cryptocurrencies this month
There is no restriction or regulation regarding the use of cryptocurrencies in India at present. It was against this background that Prime Minister Narendra Modi held a meeting with senior officials on cryptocurrencies earlier this month and indicated that strict regulatory measures would be taken to deal with the issue. In recent times, there have been a number of advertisements that have promised huge returns in investing in cryptocurrencies and have also featured film personalities. In such a situation, concerns were being expressed about the promises misleading the investors.
The RBI governor also expressed strong views against cryptocurrencies, saying that it poses a serious threat to any financial system.
Last week BJP MP Jayant Sinha, chairman of the Parliamentary Standing Committee on Finance, met representatives of the Crypto Exchanges, Blockchain and Crypto Asset Council (BACC) and others and came to the conclusion that cryptocurrencies should not be banned. Rather it should be regulated. The Reserve Bank of India has repeatedly expressed its strong views against cryptocurrencies. RBI Governor Shaktikanta Das also expressed strong views against allowing cryptocurrencies earlier this month, saying it poses a serious threat to any financial system.
Bills related to repeal of three agricultural laws listed for introduction
According to the bulletin of the Lok Sabha Secretariat, Bills related to repeal of three agricultural laws are listed for introduction during the session. Significantly, in the month of September last year, the Central Government had passed the Farmer Produce Trade and Commerce (Promotion and Facilitation) Act, Agriculture (Empowerment and Protection) Price Assurance and Agricultural Services Agreement Act and the Essential Commodities Amendment Act, 2020 amid heavy protests from opposition parties. had made. Farmers' organizations have been protesting on the border of Delhi for the last one year in protest against the three agricultural laws. Prime Minister Narendra Modi in his address to the nation a few days ago called for the withdrawal of three agricultural laws.
