India’s First Crypto Bill to be Introduced in Winter Session; What to Expect?

2021-11-24 10:10:05

By Malvika Gurung — The much-awaited Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be presented for consideration and passing in the Winter Session of Parliament, starting from November 29 to December 23.

The crypto bill will be among the 26 new Bills to be introduced in the Lok Sabha, of a total of 29 Bills. It will be the first bill slating regulations around cryptocurrency usage in India.

While the exact details of the Bill are not known, it is clear that it will seek to ban all unregulated private cryptocurrencies in the country with some exceptions, along with curating a framework for the official digital currency to be issued by the central bank, RBI.

It will allow room for exceptions to promote the usage of cryptocurrency.

RBI and market regulator SEBI have initiated caution for retail investors, regarding the unregulated growth of cryptocurrencies in the country, their volatile nature, potential risks to investors’ money, and misleading advertisements by crypto companies.

These issues were discussed in the country’s first-ever parliamentary panel on cryptocurrencies, chaired by BJP’s Jayant Sinha, with representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders on crypto finance on Nov 16.

Through consensus, it was agreed that since it was not feasible to ban cryptocurrencies, a cautious approach towards such investments needed to be put in place.

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