Cryptocurrency Ban or Un-Ban in India? Government will take decision…


Monsoon session is going to start in Parliament on 19th July and a new bill regarding Indian Cryptocurrency can be passed in this session. During this, the government can introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the Parliament. Union Finance Minister Nirmala Sitharaman said earlier this week that a lot of work has been done on this bill and its cabinet note is ready. He further stated that the stakeholders have also been considered and their views have been taken on this bill.

In a statement to The Hindu, the Union Minister said that the final decision regarding this bill will be taken only by the cabinet. Moreover, Union Parliamentary Affairs Minister Pralhad Joshi has already said that over 20 bills, including five ordinances, will be introduced in the cryptocurrency bill during the monsoon session.

Available on Parliament’s website bulletin The 12th column of page 25 of the RBI says, “To create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill also seeks to ban all private cryptocurrencies in India. However, it also allows some exceptions to promote cryptocurrencies and the technology underlying its use.

The Reserve Bank of India has already appeared serious about cryptocurrencies. On 31 May 2021, the RBI had said that banks would be allowed to facilitate cryptocurrency trading and added that a 2018 central bank circular for the same could be ignored.

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