Cryptocurrency Bill: All You Need to Know About Private Crypto That Govt Seeks to Ban

cryptocurrency bill all you need to know about private crypto that govt seeks to ban

Sumary of Cryptocurrency Bill: All You Need to Know About Private Crypto That Govt Seeks to Ban:

  • The central government earlier this week officially expressed its intention to introduce a Bill aimed at prohibiting private cryptocurrencies in India.
  • This came amid increasing concern over the likely threat that cryptocurrency can pose to macroeconomic and financial stability of the country, as reiterated by RBI governor Shaktikanta Das several times.
  • The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrency.
  • In turn, it also proposes to introduce an official digital currency of the central bank, Reserve Bank of India.
  • The government’s move came days after Prime Minister Narendra Modi chaired a review meeting regarding growing threat of cryptocurrencies where the matter was discussed at length.
  • The much-anticipated cryptocurrency Bill will probably ban all private cryptocurrencies in India, but this will not be a blanket ban as per sources.
  • However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” said a bulletin released by the Lok Sabha on Tuesday.
  • It also sought “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”, while also seeking to “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses…,” the bulletin added.

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