Cryptocurrency Ban or Un-Ban in India? The government will decide …

The monsoon session of Parliament is set to begin on July 19 and a new bill on Indian cryptocurrency could be passed in this session. At this point the government may introduce in Parliament the reform of the Cryptocurrency and Official Digital Currency Bill 2021. Union Finance Minister Nirmala Sitharaman said earlier this week that a lot of work has been done on the bill and its cabinet notes are ready. He further said that stakeholders have also been considered and their views have been taken into account in this bill.

In a statement to The Hindu, the Union Minister said that the final decision on the bill would be taken only by the Cabinet. In addition, Union Parliamentary Affairs Minister Pralad Joshi has already said that more than 20 bills, including five ordinances, will be introduced in the cryptocurrency bill during the monsoon session.

Available on the Parliament website Bulletin The 12th column on page 25 of the RBI states, “The Reserve Bank of India (RBI) has created a simple framework for issuing official digital currency. The bill also seeks to ban all private cryptocurrencies in India. However, it is cryptocurrency and its use.” It also allows some exceptions to promote the underlying technology.

The Reserve Bank of India has already made a serious statement about cryptocurrency. On May 31, 2021, the RBI said that banks would be allowed to facilitate cryptocurrency trading, adding that a notification from the central bank for 2018 could be ignored.

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