Crypto Bill likely in Winter Session, may be banned; PM Modi had warned ‘young users’

New Delhi: Amid wide-ranging perception of cryptocurrencies ‘doing more harm than good’, a bill is likely to be tabled in the Winter Session of Parliament beginning November 29.

According to reports, the bill will have detailed mechanism on its regulation, classification and also tax earnings from them.

However, the big point of the bill would be debarring of all private crypto currencies in the country. The bill will however have provisions for creating a framework for creation of official digital currency by the Reserve Bank of India.

The development comes soon after the first-party Parliamentary Panel on digital currency led by BJP MP Jayant Sinha, which collated views from industry experts & all other stakeholders on the digital currency.

PM warned against youth falling into crypto trap

Prime Minister Narendra Modi has already warned against young generation falling into trap of cryptocurrency trade.

In his address, PM Modi had said that Bitcoin presents a risk to younger generations.

“Nations should recognise national rights and at the same time promote trade, investment and larger public good. Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” PM Modi had said.

Proceeds from crypto trade being used in money laundering and terror financing has already been a concern raising by security agencies.