New Delhi: Days after chairing Prime Minister Narendra Modi’s high-level review meeting regarding cryptocurrency, the Union Cabinet listed ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ to be introduced in the winter session of Parliament. Is. 29 November.
According to reports, the bill seeks to facilitate a framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI).
Government to introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ in the Winter Session of Parliament
The Bill seeks to create a facilitating framework for the creation of an official digital currency to be issued by the RBI and seeks to ban all private cryptocurrencies in India. pic.twitter.com/yeaLfuCiBs
— ANI (@ANI) November 23, 2021
It also seeks to ban all private cryptocurrencies in India, allowing some exceptions to promote the underlying technology of cryptocurrencies and its use.
The Cryptocurrency Bill has been introduced amid debate over the alleged misuse of such digital currencies in the country to lure investors with misleading claims.
Earlier this month, PM Modi had said that all democratic countries need to work together on cryptocurrency and ensure that it does not fall into the wrong hands. He also pointed out that attempts are being made to mislead the youth by over-promising and non-transparent advertising, which needs to be stopped.
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Giving example of virtual currency, PM Modi said, “Take cryptocurrency or bitcoin for example. It is imperative that all countries work together on this and ensure that it does not fall into the wrong hands, which can spoil our youth.” Is.
Even though many private establishments have offered cryptocurrencies as an attractive investment option, a large proportion of Indians have invested in highly volatile digital currencies, a market that is not yet regulated by the government.
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