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November 23, 2021

Govt to Ban Private Cyrpto and RBI will issue new crypto in INDIA

by facelesscompliance in Corporate Law

Govt to Ban Private Cyrpto and RBI will issue new crypto in INDIA

Government will introduce a new bill on #cryptocurrecy in winter session of Parliament
Bill seeks to create a facilitative framework for creation of official digital currency to be issued by RBI & ban all Private crypto currency in India.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be introduced in the upcoming Winter Session of Parliament.

The Bill, titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, will be up for introduction and passing in Parliament.

According to a Parliament bulletin, “The stated intent of the Bill is to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.