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Thursday, December 2, 2021

Government To Introduce Official Cryptocurrency Bill In Current Winter Session Of Parliament

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Cryptocurrency Bill To Be Introduced In Parliament's Winter Session

The crypto bill seeks toprohibit privatecryptocurrencies in the country

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021- the official bill to regulate the digital currency will be introduced in the Parliament during the winter session that starts on November 29. The crypto bill is among a total of 26 bills that have been listed for introduction, according to a government statement today.

The cryptocurrency and regulation of Official Digital Currency Bill 2021 seeks to create a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill seeks to prohibit private cryptocurrencies in the country and will allow certain exceptions to promote underlying technology and its uses. 

This comes a week after the first-ever Parliamentary panel discussion on the broad contours of crypto finance, where a consensus was reached that cryptocurrency can’t be stopped but must be regulated.

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