Govt. to Table bills to bar Pvt. Cryptocurrencies and Repeal Farm Laws in Parliament

govt. is going to table a bill to repeal the three new agriculture laws and prohibit “all private cryptocurrencies in India” with “certain exceptions”.The Crypto Bill seeks to “create a facilitative framework for the creation of India’s own public Digital currency.

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New Delhi: As the winter session of parliament nears, The PM Modi Led NDA govt. is going to table a bill to repeal the three new agriculture laws and prohibit “all private cryptocurrencies in India” with “certain exceptions”.

As per the official data by Parliament, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in Lok Sabha in the winter session starting November 29. A total of 26 bills are supposed to be introduced.

The Crypto Bill seeks to “create a facilitative framework for the creation of India’s own public Digital currency. It will be regulated by RBI. 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 along with Authorised cryptocurrencies.’

Earlier this month, Prime Minister Narendra Modi discussed cryptocurrencies with senior officials indicating that strong regulatory steps will probably be taken to deal with the issue. After which News of Taxation on these currencies also came.

The Reserve Bank of India also underlined its strong view against cryptocurrencies, saying they pose a serious threat to the macroeconomic and financial stability of the country. Hence RBI seeks to launch India’s own cryptocurrency.

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