Cabinet likely to discuss cryptocurrency bill today: Report

New Delhi: The cabinet is likely to discuss the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in a meeting on Wednesday. According to the report of news agency ANI, the meeting is scheduled to take place at 1 pm. On Tuesday, the Finance Ministry informed the Lok Sabha that a bill on cryptocurrencies is under the final consideration of the cabinet.

Earlier, the government had said that it is aiming to introduce a revised bill on cryptocurrency in the ongoing winter session of Parliament after Cabinet nod. According to ANI sources, the Bill may later be referred to the Standing Committee for further discussion.

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What cryptocurrency For the purpose of the bill?

Finance Minister Nirmala Sitharaman said in a written reply, “A Bill on Cryptocurrency and Regulation of Official Digital Currency to be introduced in the Lok Sabha has been included in the Lok Sabha Bulletin-Part II, as part of the Government Business to be taken.” House on 30 November

The Bill seeks to “create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India”.

In addition to the regulatory framework, the bill seeks to ban all private cryptocurrencies in India, but allows certain exceptions to promote the underlying technology of cryptocurrencies and its use.

The bill was one of the 26 new bills on the government’s agenda to be introduced and passed during the winter session that began on November 29.

The central bank also plans to introduce an official digital currency. On March 4, 2020, the Supreme Court quashed the RBI circular dated April 6, 2018, barring banks and entities regulated by it from providing services in respect of virtual currencies.

According to reports, officials said in a meeting with PM Modi that attempts to mislead youth through over-promising, non-transparent advertisements should be stopped and unregulated crypto markets should not be allowed to become avenues for money laundering and terror financing. Can go