• Tuesday, November 30, 2021
India corona update 
Total Fatalities 425,195
Total Cases 31,726,507
Today's Fatalities 422
Today's Cases 30,549
India corona update 
Total Fatalities 425,195
Total Cases 31,726,507
Today's Fatalities 422
Today's Cases 30,549

Business

Bill to ban private cryptocurrencies in India next week

Representational Image. (Photo by OZAN KOSE/AFP via Getty Images)

By: Shubham Ghosh

A BILL to ban all private cryptocurrencies in India with certain exemptions is likely to be taken up for final consideration and passing during the winter session of the Indian parliament starting November 29.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is among 26 new bills of a total of 29 bills in the government’s legislative agenda, Indian news channel NDTV reported. It said the objective of the Narendra Modi government is, “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

ALSO READ: India may put up barriers to crypto trading: report

The bill will also seek to prohibit private cryptocurrencies in India barring a few exceptions like promoting the underlying technology of cryptocurrency and its usage.

Modi cautions against cryptocurrencies: ‘Can spoil youth’

The development happens a week after the first-ever parliamentary panel discussion on the broad contours of crypto finance where it was decided that cryptocurrency cannot be stopped but must be regulated.

The standing committee on finance meeting was presided over by Jayant Sinha of the ruling Bharatiya Janata Party, who on November 16 met representatives of the crypto exchanges, Blockchain and Crypto Council, industry bodies and other stakeholders.

India’s Reserve Bank of India (RBI), Securities and Exchange Board of India and even prime minister Narendra Modi have in recent times expressed concerns over cryptocurrencies.

Modi has also chaired a high-level meeting with officials from various ministries and the RBI on the issue and cautioned that cryptocurrencies could spoil the youth.

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