The Bill banning Cryptocurrencies has been listed for introduction, consideration and passing in the Lok Sabha. It is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29.
Crypto regulation offers India an opportunity that must be seized
Photo: Reuters
Sunil Mehta,
L. Viswanathanare
The country has a chance to lead the world in adopting appropriate regulatory architecture for a promising financial concept
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The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is under review and likely to be tabled in Parliament shortly. The contours of the bill are not public yet. However, market commentary suggests that it will permit the issuance of a central bank digital currency (CBDC) and the use of blockchain and distributed ledger technology that underlies a cryptocurrency. As for private digital currencies, recent comments by finance minister Nirmala Sitharaman indicate that rather than an absolute ban, there may be experimentation, exploration and encouragement of the emergent technology behind these.
Cryptocurrency Bill: Killing The Messenger?
The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is slated to be introduced in the budget session of the Parliament
Wednesday February 17, 2021 7:38 PM, Srinath Sridharan and Shashidhar KJ, IANS
The Indian government is planning to
ban all operations of cryptocurrencies in the country, except for a state-backed digital currency. The ban will be operationalised with a new law coming to effect. The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is slated to be introduced in the budget session of the Parliament. In context of evolving digital finance globally, the Government of India should reconsider its thinking about these new financial systems that are being developed.
IAMAI opposes ban on Crypto Currency in India
Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist
Monday February 15, 2021 3:07 PM, IANS
Mumbai: With the government planning to introduce an official digital currency, industry body Internet and Mobile Association of India (IAMAI) on Monday said that the move need not necessarily lead to a ban on other crypto assets.
Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist, IAMAI said.
The possibility of a ban on private cryptocurrencies was raised in some quarters after the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was listed on the agenda for the Budget session of Parliament.
People, traders, exchanges, and other financial systems participants will not be permitted to deal in cryptocurrencies with penalties proposed in the draft law for any violation by corporates as well as individuals