Centre Unlikely To Bring Bill On Crypto In Winter Session: Reports

16 Dec, 2021 13:56 IST|Sakshi Post

According to the government's legislative process for the winter session, 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."

In India, the bill aims to outlaw all private cryptocurrencies.

As per the reports, the administration is unlikely to introduce a bill on cryptocurrencies during the winter session of Parliament. They further stated that after the bill is introduced, it would be submitted to the parliamentary standing committee for further discussion with stakeholders. "To create a facilitative framework for the creation of the official digital currency issued by RBI." the bill's agenda states.

In addition, it aims to make all private cryptocurrencies prohibited in India. According to the bill's introduction page on the Lok Sabha website, it "allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

According to the sources, the bill is unlikely to be introduced during the current winter session.

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