Bill regarding cryptocurrency to be presented in Parliament

New Delhi – The ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ will be introduced in the forthcoming winter session of Parliament. The bill will outline the cryptocurrency to be issued by the Reserve Bank. At the same time, the bill would provide for a ban on the use of other private cryptocurrencies. However, it has been reported that some exceptions will be made.

A few days ago, Prime Minister Narendra Modi, while addressing the Sydney Dialogue, called on the international community to be vigilant so that cryptocurrency and Bitcoins do not fall into the wrong hands. The Prime Minister also warned that there is a need to be aware of the ill effects of cryptocurrency on the younger generation. The Prime Minister also called on the democratic countries to show solidarity and co-operate against this. Given the growing use of cryptocurrencies worldwide and the growing investment, this is a situation that no government can ignore. Thus, while banning the transaction of private cryptocurrencies and warning against it, significant countries worldwide, including India, are working on legitimately introducing official cryptocurrencies.

There has been a big increase in the promotion of cryptocurrencies in recent times, and it is being projected that there will be a high rate of return on investment. Noting this, the RBI had issued stern warnings against it. RBI Governor Shaktikanta Das warned that such cryptocurrencies pose a challenge to any country’s economy as its central banks do not control it.

The Reserve Bank had then signalled the launch of an official cryptocurrency. Against this background, the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021′ will be presented in the winter session of the Parliament, starting from November 29.

Therefore, it is evident that the Reserve bank and the government is trying to create a legal and safe alternative to investments in unauthorized cryptocurrencies.