The Indian Parliament will consider a bill introduced by a government that will ban private cryptocurrency in its upcoming budget session.
According to Lok Sabha Bulletin The regulation of the Cryptocurrency and Official Digital Currency Bill, 2021, published on Friday, seeks to provide a framework for banning all cryptocurrencies in India and creating an official digital currency to be issued by the Reserve Bank of India (RBI).
Although the bill contains anti-private cryptocurrencies, it will allow some exceptions to promote cryptocurrencies and the technology underlying their use, the bulletin said. The Parliament of India has three annual sessions: the Budget Session, which runs from January to March, the Monsoon Session and the Winter Session.
If approved, India would become the only major Asian economy to ban private cryptocurrency instead of controlling it. A bitcoin that controls it like a corporate stock and officially recognizes cryptocurrency-based offenses.
The RBI, through a notification issued on April 6, 2018, prohibited regulated entities from transacting in cryptocurrencies and providing services to any individual or entity to facilitate them in dealing with or disposing of them. The central bank had a banking ban Overruled by In March 2020, the Supreme Court encouraged the exchange of services to India-based clients.
Sumit Gupta, chief executive of the Mumbai-based CoindisX Exchange, hit an optimistic note about the proposed law. “As the government is considering bringing the bill during this session of Parliament, we are sure that the government will listen to all the stakeholders before taking any decision,” Gupta told Koindesk. “We are talking to other stakeholders and will of course start a deep dialogue with the government and demonstrate how we can actually create a healthy environment together.”