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.
JUST IN: 26 new Bills are listed for introduction in the #WinterSession, including three Ordinances, the Electricity (Amendment) Bill, 2021, and the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Supplementary budget is also expected to be tabled.
— PRS Legislative (@PRSLegislative) November 23, 2021
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.