Ambiguity and confusion related to cryptocurrency in India is set to get some clarity as “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is set to be presented in the Winter Parliament; along with 26 other bills.
Prime Minister Narendra Modi had also sat down with high-clearance officials from various departments; and the Reserve Bank of India (RBI) on the issue of cryptocurrency and the bill.
As Totalkrypto reported earlier, the bill will put a full stop on all private cryptocurrencies in India; with certain exceptions. The Bill will finally be taken into the ring in the Winter session of the Parliament starting on November 29, 2021.
To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.Prime Minister Office
The exceptions left out of the prohibition are left for the purpose of promoting the foundations of cryptocurrency. In earlier talks; the government did come to peace with the fact that the cryptocurrency wave cannot be stopped but can be moulded; hence it decided to regulate it instead of banning it.
The standing finance committee meeting was chaired by the ruling party’s Jayant Singa; who sat down with representatives of crypto exchanges, industry bodies, and Blockchain and Crypto Assets Council (BACC).
The government also pointed out the misleading nature of the marketing advertisements regarding cryptocurrency investments.
RBI and the Securities and Exchange Board of India (SEBI) have also been vocal about the concerns they were having regarding the ‘unregulated’ nature of the growth of cryptocurrencies in the country.