The Indian government has been trying to ban cryptocurrencies in India for a long time. However, it has been unsuccessful in doing so. Now, it is seeking to submit The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for consideration during Parliament’s Winter Session starting on November 29. Also Read - Top 5 games to learn the basics of cryptocurrency
With the Bill, the government is looking to prohibit all private cryptocurrencies in the country with a few exceptions. The exceptions will be made to promote the underlying technology of cryptocurrency. This Bill will tag along with 29 other Bills in the government’s legislative agenda. Also Read - Google stops botnet that used blockchain and impacted 1 million Windows devices
The government’s objective behind the new Bill is “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.” Also Read - Ubisoft brings NFTs as 'Digits' to AAA games starting with Ghost Recon Breakpoint
This news comes just after the first-ever Parliamentary panel discussion on the “broad contours of crypto finance,” where it was reportedly concluded that “cryptocurrency cannot be stopped” but have to be “regulated,” according to ANI. The discussion was held with representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders.
It is being said that the Bill is being put forward because to ensure the security of investors’ money and not let them be misled by the advertisements in the media regarding the investment potential and its risks. To recall, PM Narendra Modi recently, during a virtual keynote at the Sydney Dialogue conference expressed his views on cryptocurrencies, and stated that they must not fall into the “wrong hands and spoil our youth.”
The Reserve Bank of India and Securities and Exchange Board of India have also been pretty clear in voicing their concerns about the unregulated growth of cryptocurrencies in India.