The Indian government is likely to introduce Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Budget Session of the Parliament.
New Delhi | Jagran Business Desk: The Indian government is likely to introduce Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Budget Session of the Parliament. Presently listed for the introduction, consideration and passing, the bill is likely to bar Indian companies and individuals from using digital currencies.
Replying to a question in this regard in the Upper House last week, the Minister of State for Finance Anurag Thakur had said that a cryptocurrency bill is currently being finalised and will be soon sent to the Union Cabinet. Here’s all you need to know about the bill and what its passage by the Parliament would mean for Bitcoin and other cryptocurrencies.
The contours of the Cryptocurrency bill are yet to be introduced to the publlic, though it is likely to bar Indian companies and individuals from using digital currencies. Presently, the regulator bodies like Reserve Bank of India and Security and Exchange Board of India do not have any legal framework to directly regulate cryptocurrencies. According to media reports, a cryptocurrency bill will pave the way for the Reserve Bank of India (RBI) to create a “facilitative framework” to issue an official digital currency. In a booklet on payment system printed on January 25, the RBI had hinted that it was exploring ways to issue an official digital currency in India.
When is the bill expected to be passed?
A bill on cryptocurrency has been listed for the introduction, consideration and passing. As of now it cannot be said when the bill shall be passed.
Will bitcoin be banned?
With the bill listed for the introduction, the fate of the the bitcoin holders hang in the balance. Since the detailed provisions of the bill are not yet made public, it cannot be said for certain that it will halt the juggernaut cryptocurrency, which has received a fresh boost after US automaker Tesla bought about USD 1.5 billion worth of bitcoins.