Parliament to move Bill to ban 'private cryptocurrencies'

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• Nov 24, 2021 | moderator

New Delhi: The government will move a bill that outlaws all "private" cryptocurrencies in India, with specific limitations, throughout the winter session of Parliament for consideration and passing. 

The winter session of the Parliament will begin on November 29 this year.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, also attempts to build a framework for an official digital currency to be issued by the Reserve Bank of India.

According to the official statement, the intended 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' attempts to check all private cryptocurrencies in India. However, it allows for specific exemptions to support the underlying technology and its applications. 

Nischal Shetty, CEO, Founder Wazir X, said, "The stance of government looks comparable to the last one. Will have to go through the contents of the bill. Bitcoin is a public cryptocurrency on a public blockchain."

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He further added, "This is a big time for India... Our nation has come a long way in these three years! It speaks volumes concerning how India will manage the web 3.0 era."

Presently, there are no distinct regulations or any limitations on the use of cryptocurrencies in the nation. Against this backdrop, Prime Minister Narendra Modi held a meeting on cryptocurrencies with senior executives. The meeting also discusses that vital regulatory measures to deal with the issue on Saturday. 

As per sources, the proposed bill would concentrate on investor security as cryptocurrencies come under a complicated asset class category.