Government of India may ban private cryptocurrency in upcoming bill: Sources

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The central government can introduce a bill in the upcoming winter session regarding cryptocurrency. The bill will be introduced in Parliament under the name ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. The bill is listed to create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India. According to sources, all private cryptocurrencies could be banned except a few. It is one of the 26 bills to be introduced in the upcoming session of Parliament.

A few days back, PM Modi gave a speech at the Sydney Dialogue, in which he shared his concerns regarding the use of cryptocurrencies across the world. According to him, all democracies should join hands to ensure that cryptocurrencies are not misused.

PM Modi remarked, “It should also recognize national rights and at the same time, promote trade, investment. Cryptocurrency or bitcoin is important, let all democratic nations work together on this and ensure that it does not fall into the wrong hands.” Don’t fall, which can spoil our youth.” In addition, they advocated joint cooperation to invest in research and development, develop a reliable manufacturing base and reliable supply chain, deepen intelligence and operational cooperation on cyber security, and prevent manipulation of public opinion. The PM also stressed on the need to create global data governance standards.

The Reserve Bank of India and the Finance Ministry recently expressed their concerns over the regulation of cryptocurrencies in India. On 13 November, Prime Minister Narendra Modi held a meeting with experts on cryptocurrencies and related financial issues. According to sources, the meeting was conducted after a consultation process carried out by the Reserve Bank of India (RBI), Ministry of Finance and Ministry of Home Affairs. There are currently two crypto unicorns CoinSwitch, Kuber and CoinDCX, in India.

Also read- Central Government Will Launch Digital Cryptocurrency Soon, All Private Cryptocoins Will Be Banned

Also read- Meeting chaired by PM Modi on Cryptocurrency; Progressive steps can be taken

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