Government to introduce a Bill to Regulate Crypto Currency: Private Cryptocurrency to be banned and RBI to issue new crypto

The Government to introduce a Bill to regulate Cryptocurrency in India. With the introduction of this bill, private cryptocurrency will be banned subject to certain exceptions to promote the underlying technology of cryptocurrency and its uses.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be introduced in the winter session of parliament. Out of a total of 29 Bills the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is one of 26 new Bills on the government’s legislative agenda,

Why this Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be introduced:

1. To create the facilitative framework for creation of official digital currency to be issued by the Reserve Bank of India.

2. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Various concerns have been expressed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) about the unregulated growth of cryptocurrencies in India, with vulnerable retail investors in mind.

What Is Cryptocurrency?

A cryptocurrency is a digital currency, it is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

Many cryptocurrencies are decentralized networks based on blockchain technology. It is a distributed ledger enforced by a disparate network of computers.

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