Highlights

  • Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be introduced in Parliament
  • Aimed towards promoting Digital Currency and banning digital tokens

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Cryptocurrency Bill: As per the government, India has 15 million KYC-approved users, with an investment value of $6 billion in crypto based assets. 

Cryptocurrency Bill: It is going to be a cold winter for crypto backers as the central government readies to introduce a Bill in the Parliament to prohibit all private cryptocurrencies in India. Listed for the Winter Session of parliament which kickstarts on November 29, the government intend to ban pvt coins barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".

Also Read | Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency

The Cryptocurrency & Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India.

Nischal Shetty, CEO of WazirX, India’s largest crypto exchange platform, tweeted: “The crypto regulation bill has been listed for the winter session. The description hasn’t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."

Also Read | Crypto Bitcoin Ban: Should You Invest?

The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens.

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