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Cryptocurrency: Govt To Introduce Bill In Parliament To Prohibit Private Players

Notably, a week ago, the Prime Minister Narendra Modi had that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Cryptocurrency: Govt To Introduce Bill In Parliament To Prohibit Private Players

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  24 Nov 2021 11:20 AM GMT

New Delhi: In a bid to frame rules for cryptocurrencies for prohibiting private cypto coin, the Union government is all set to introduce a bill in the winter session of the parliament.

According to Lok Sabha bulletin issed on Tuesday, the said bill is listed among 26 items of legislation for consideration.

''To create a facilitative framework for 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,'' the bulletin said with regard to the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Notably, a week ago, the Prime Minister Narendra Modi had that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Giving an example of the virtual currency, he said, "Take cryptocurrency 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.

Recently, the Parliamentary Standing Committee on Finance on Monday called top stakeholders of the crypto industry for a meeting.

According to a report by BrokerChooser, in our country more than 10 crore people have cryptocurrency which is the highest in the world. With this figure, India has left America, China, England and other countries of Europe far behind. 7.3 percent of India's population has crypto holdings.

Notably, all the money-related i.e. currency and banking products in India are regulated by Reserve Bank of India (RBI), while investment assets such as equity and commodities are looked after by Security Exchange of India (SEBI).

The banker's bank, RBI too has been speaking about cryptocurrencies for a long time and its Governor Shaktikanta Das earlier, had said that there are some legitimate concerns regarding cryptocurrencies which have been placed before the government.

Reportedly, China has recently banned cryptocurrencies completely, while many countries are mulling to ban it. On the other hand, the government is also taking into account the example of countries, where cryptocurrency has been brought under a regulation.

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