Wednesday, December 8, 2021

BREAKING: Cryptocurrency Bill will be introduced amongst 26 others in Winter Session of Parliament in India

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As many as 26 new Bills have been listed for introduction in the Winter Session of the Parliament, including three Ordinances, that begins on the 29th of November, according to the legislative agenda for the upcoming session released today.

A long-pending bill to deal with cryptocurrencies will be introduced in the Parliament during the Winter Session.

Bitcoins fall for a second straight day while other Cryptocurrencies take a hit as well

Apart from this, the Winter Session will consider the banking amendment bill, repeal of the farm laws, and the Insolvency and Bankruptcy bill. The cryptocurrency and Regulation of Official Digital Currency Bill, 2021 “Seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses.”

The bill aims to create a structural and facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

The new bills will be introduced in Parliament before being taken up for passage.

Frankfurt, Hesse, Germany – April 12, 2018: Cryptocurrency coin Ethereum with several stacks of coins in the background

This comes days after the first-ever Parliamentary pabel discussion on the broad contours of crypto finance, where a consensus was reached that cryptocurrency cannot be stopped but must be regulated.

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The pabel met days after Prime Minister Narendra Modi chaired a high-level meeting with officials from various ministries and the RBI on the issue of cryptocurrency.

As per reports, the meeting strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped.

It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.

The meeting was an outcome of a consultative process as the RBI, the Finance Ministry, the Home Ministry had done an elaborate excercise on it as well as consulted experts from across India and the world.

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