Will cryptocurrency be banned ?; Bill in Parliament | Bill To Ban Private Cryptocurrencies To Come Up In Winter Session

by time news

New Delhi: A bill to ban private cryptocurrencies in the country will be introduced in the winter session of Parliament starting November 29.

The Cryptocurrency and Regulation of Official Digital Currency Bill may be introduced with some modifications. 29 bills will be considered in the winter session.

There are reports that the bill could be amended to ban private cryptocurrencies as well as promote blockchain technology and its use. The bill will also contain a detailed framework on the official digital currency issued by the Reserve Bank.

The value of major cryptocurrencies has fallen by more than 15 per cent since the report was introduced. Bitcoin was down 18.53 percent, Ethereum was down 15.58 percent and Tether was down 18.29 percent.

The bill comes a week after the first parliamentary committee meeting on cryptocurrency. Experts at the meeting said that cryptocurrency could not be banned and should be regulated.

He also met BJP MP Jayant Sinha on November 16 with representatives of the Crypto Exchange, Blockchain and Crypto Asset Council. Prime Minister Narendra Modi also chaired a high-level meeting with officials from various ministries and the RBI.

Earlier, the RBI and SEBI had expressed concern over the growth in cryptocurrency transactions in the country. El Salvador is the only Central American country to currently legalize cryptocurrency.

Bill To Ban Private Cryptocurrencies To Come Up In Winter Session

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