The government of India announced a day back that it has planned to move a Bill regulating private cryptocurrency in India during the upcoming winter session of the Parliament. The decision, which was announced in a Lok Sabha bulletin, has sparked a ripple effect in the cryptocurrency market, as Bitcoin, Solana, Dogecoin prices crashed in the country.
While the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to regulate the circulation of private cryptocurrency in India, it also proposes to create a framework for the introduction of an official digital currency issued by the Reserve Bank of India or RBI.
According to the bulletin listing the legislative business posted on Lok Sabha’s website, “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
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The Bill to ban all private cryptocurrencies in India, with a few expectations to promote blockchain technology will be introduced in the upcoming winter session of the parliament.
“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India,” it added in regard to the introduction of the central bank digital currency (CBDC). The Lok Sabha bulletin did not provide any other details about the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
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