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Government To Move Bill To Prohibit All Private Cryptocurrencies

Earlier, RBI had said that unregulated growth of cryptocurrencies poses threat to the macroeconomic and financial stability of the country.

Crypto Money Laundering
Image used for Representation. (Image: File)

New Delhi: Cryptocurrency Bill will be among 26 others to be introduced in the Winter Session of Parliament, which will be held from November 29 to December 23. The bill seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses.

Earlier, RBI had said that unregulated growth of cryptocurrencies poses threat to the macroeconomic and financial stability of the country.

RBI Governor Shaktikanta Das reiterated his views against allowing crypto currencies saying they are a serious threat to any financial system since they are unregulated by central banks.

Meanwhile, the Reserve Bank of India has been working on a phased implementation strategy for its own digital currency — Central Bank Digital Currency (CBDC) — and launching it in wholesale and retail segments. The Central bank may launch the digital currency in December.

ALSO READ: To Protect Citizens From Financial Ruin, It’s Time India Had Law On Cryptocurrencies

The Winter session will be held amid all COVID-19 protocols. In the wake of the pandemic, the Winter session of Parliament was not held last year and all the subsequent sessions — Budget and Monsoon — were curtailed due to Covid.

Though, both Lok Sabha and Rajya Sabha will sit simultaneously, the members will follow social distancing norms. In the first few sessions, both the Houses used to meet at separate time to ensure that not many people were present inside the Parliament complex.

The Winter session also assumes significance as it will be held just months before the assembly elections in five states, including politically-crucial Uttar Pradesh, which is seen as a semi-final for the 2024 general elections.

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