Cryptocurrency Bill | Prohibition of Private Cryptocurrency – Federal Government Introduces Bill

by time news
The federal government has decided to introduce a bill banning private cryptocurrency in the current winter session. The bill also paves the way for the creation of official cryptocurrency by the Reserve Bank.

The parliamentary winter session is set to begin on November 29. The federal government has decided to table a total of 26 bills in this session. This includes the Cryptocurrency and the Official Digital Currency Regulation Bill 2021 (The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021).

The bill seeks to ban all private cryptocurrencies in India and to create the framework for the creation of the official digital currency by the Reserve Bank of India.

Virtual currency called cryptocurrency is gaining popularity all over the world. The growth of cryptocurrencies has skyrocketed since the advent of bitcoin in 2009. The value of a Bitcoin, which was less than 100 rupees then, is now over 50 lakhs.

Aside from the public interest in buying cryptocurrency, the sale of drugs and weapons on the Dark Web through such currencies is also on the rise.

In this context, Prime Minister Narendra Modi recently chaired a consultative meeting on cryptocurrency. Following this, the central government has taken the initiative to file a bill related to cryptocurrency.

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