Indian Cryptocurrency Bill set for Monsoon Session: Here’s all what we know so far
The bill regarding cryptocurrency was listed during the Budget Session but could not be tabled as the session was truncated due to the deadly second COVID-19 wave.
New Delhi: Amidst much hype, trials, and tribulations surrounding crypto regulation in the country the government is likely to present the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament during the Monsoon session that begins on July 19.
Finance Minister Nirmala Seetharaman announced that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be presented in parliament in the upcoming monsoon session, report Money Control.
Per the government, the bill aims to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. 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.”
“We have to see when the Cabinet can take it up and consider it so that then we can move it,” she told The Hindu.
Many people have their eyes on the bill as it holds their future in the cryptocurrency world. As per reports, it is being said that our country has invested almost Rs 49,189 crores in the cryptocurrency space till May 2021, a 6,660 percent rise from the 92.3 crores till April 2020.
The bill regarding cryptocurrency was listed during the Budget Session but could not be tabled as the session was truncated due to the deadly second COVID-19 wave.
On May 31, 2021, the Reserve Bank of India (RBI) had announced that banks would be allowed to facilitate cryptocurrency trades and that the 2018 central bank circular can be ignored as it is no longer valid from the date of the Supreme Court judgment, the RBI said.
The central bank, however, added that banks must continue with other routine due diligence measures on cryptocurrency deals.