Quick Summary
Introduction The government is set to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament beginning 29 November. The main Objective of the bill is to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. What will the Bill prohibit? The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 shall prohibit all private cryptocurrencies i
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FAQ :
The main objective is to create a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.
The bill will prohibit all private cryptocurrencies in India, but it allows for certain exceptions to promote the underlying technology and its uses.
The bill is set to be introduced in the winter session of Parliament, which begins on 29 November.
The RBI has expressed concerns about cryptocurrencies, viewing them as a threat to financial stability and macroeconomic stability until they are regulated.
India is considered one of the largest cryptocurrency markets globally, with reports suggesting over 10 crore crypto owners and around 2 crore Indians having invested in cryptocurrencies.
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