India to Introduce Bill to Ban Most Private Cryptocurrencies

The Indian government will introduce a bill to regulate the digital assets market during the Winter Session of Parliament. According to the preliminary agenda, authorities plan to ban the majority of “private cryptocurrencies”.

JUST IN: 26 new Bills are listed for introduction in the #WinterSession, including three Ordinances, the Electricity (Amendment) Bill, 2021, and the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Supplementary budget is also expected to be tabled.

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— PRS Legislative (@PRSLegislative) November 23, 2021

The description of the bill ‘On Cryptocurrencies and Regulation of Official Digital Currencies’ states:

“Create a conducive framework for the development of an official digital currency to be issued by the Reserve Bank of India. The bill is also aimed at banning all private cryptocurrencies in India, while allowing certain exemptions to promote underlying technology and its use.”

According to The Times of India, the winter session of Parliament will open on 29 November and run until 23 December.

Earlier local media, citing informed sources, reported that authorities would abandon a full ban on cryptocurrencies in favour of regulating them as exchange-traded commodities.

In November, RBI’s Payments and Settlements Department head P Vasudevan said that the regulator could conduct a pilot launch of the CBDC in the first quarter of FY 2022.

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