Modi Govt To Introduce Cryptocurrency Bill In Winter Session Of Parliament

The cryptocurrency Bill seeks to prohibit all private cryptocurrencies in India, allowing certain exceptions to promote the underlying technology of cryptocurrency and its usage.

(Representative Image)

New Delhi: Days after Prime Minister Narendra Modi chaired a high-level review meeting in connection with cryptocurrency, the Union Cabinet has listed 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' for introduction in the Winter Session of the Parliament, slated to begin from November 29.  

According to reports, the bill seeks to facilitate a framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI). 

Govt to introduce 'The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021' in winter session of Parliament

Bill seeks to create a facilitative framework for creation of official digital currency to be issued by RBI & ban all private cryptocurrencies in India pic.twitter.com/yeaLfuCiBs

— ANI (@ANI) November 23, 2021

It also seeks to prohibit all private cryptocurrencies in India, allowing certain exceptions to promote the underlying technology of cryptocurrency and its usage.

The introduction of cryptocurrency Bill comes amid debate over alleged misuse of such digital currencies in the country for luring 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 end up in the wrong hands. He also pointed out that attempts were being made to mislead youth by over-promising and non-transparent advertising which need to be stopped.

Giving an example of the virtual currency, PM Modi said, "Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.

Even as scores of private establishments have offered cryptocurrencies as an attractive investment option, a huge chunk of Indians have invested in the highly volatile digital currencies, a market that is not yet regulated by the government.