Bill To Ban Cryptocurrency In India & RBI To Launch Indian Cryptocurrency

Parliaments Winter Session (Nov-Dec) will come up with bill to ban private cryptocurrencies in India
Government to ban private cryptocurrencies and RBI may issue new cryptocurrency in India

Parliaments Winter Session (Nov-Dec) will come up with bill to ban private cryptocurrencies in India

The Cryptocurrency and Regulation of Official Digital Currency Bill are likely to pass during the parliament’s winter session starting from Nov 29, 2021. The bill is about prohibiting all private cryptocurrencies in India, Cryptocurrency bill is one of the 26th bills out of 29 bills “To build a conducive framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” the government said.

Government to ban private cryptocurrencies and RBI may issue new cryptocurrency in India

The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021, according to a Lok Sabha bulletin posted on Tuesday, will “provide for some exceptions to promote the underlying technology of cryptocurrency and its purposes.”

RBI Governor Shaktikanta Das raised his concerns about cryptocurrencies for the second time in a week last Tuesday, stating that virtual currencies had “much deeper vulnerabilities” that might threaten the country’s economic and financial stability.

And Reserve bank of India may launch its own cryptocurrency according to sources

Earlier During this month, Prime Minister Narender Modi held a meeting on cryptocurrencies in response to concerns over false claims of high profits on cryptocurrency investments.

The Centre has also stated that it intends to make new modifications to income tax regulations in order to bring cryptocurrency bringing under the tax net and that it will do so during the Union Budget next year.