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

The Narendra Modi government to regulate cryptocurrency will introduce a bill in the upcoming Winter Session of the Parliament.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 bills listed for introduction in the Parliament in the Winter Session, which begins on November 29.

Prime Minister Narendra Modi had last week said cryptocurrencies must not fall into the “wrong hands and spoil our youth", urging all democratic nations to come together and ensure things like these do not happen.

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This comes a week after a Parliamentary panel, chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and an agreement was reached that digital currencies can’t be stopped but must be regulated.

The bill seeks to prohibit all private cryptocurrencies in India, but allows for certain exceptions to promote the underlying technology and its uses. It also aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI.