Bill to ban all crypto currencies to be tabled in Winter Session of Parliament

New Delhi, Nov 23 (IANS) The Union government will move a Bill which seeks to prohibit all private crypto currencies in India in the Winter Session of Parliament starting November 29.
It will be called The Crypto currency and Regulation of Official Digital Currency Bill, 2021. However, it allows for certain exceptions to promote the underlying technology of crypto currency and its usage.
The government’s objective is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”.
The Bill has been listed for introduction, consideration and passing in the Lok Sabha. It is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29.
Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on crypto currency and ensure that it does not end up in the wrong hands.
Giving an example of the virtual currency, he had said, “Take crypto currency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”
Several high meetings have been held to discuss the regulation of crypto currencies. The Parliamentary Standing Committee had also called for the regulation.

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