Government to introduce bill in Parliament to ban crypto-currencies

The government is set to introduce the “Official Digital Currency Bill, 2021 on Cryptocurrency and Regulation” in the winter session of Parliament that begins on November 29. The bill aims to “create a facilitating framework for the creation of an official digital currency. Issued by the Reserve Bank of India. The bill also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to the cryptocurrency and its use.” Allows promotion of the underlying technology,” it said in a notification on the Lok Sabha website.

While addressing the 8th SBI Banking, Das said, “When the RBI, after due internal deliberations, states that there are serious concerns over macroeconomic and financial stability, there are deeper issues which need to be discussed more thoroughly and thoroughly. Informed discussion is needed.” Economic conference last week.

Earlier last week, the RBI governor said at an event that new-age currencies pose a serious threat to the country’s macroeconomic and financial stability and the number of investors trading on them as well as their claimed Doubt the market price.

Following a meeting of the Parliamentary Standing Committee on Finance on Crypto-currencies last week, committee chairman Jayant Sinha told CNBC TV18 that it is important to balance innovation and regulation. Citing crypto exchange representatives who attended the meeting, Sinha said that the various exchanges together have 15 million KYC-approved users with an investment value of $6 billion.

On March 4, 2021, the apex court had set aside the RBI circular dated April 6, 2018, barring banks and entities regulated by it from providing services in respect of virtual currencies.