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Centre To Introduce Bill To Ban Private Cryptocurrencies In India & Create Official Digital Currency

LIVELAW NEWS NETWORK
23 Nov 2021 4:00 PM GMT
Centre To Introduce Bill To Ban Private Cryptocurrencies In India & Create Official Digital Currency
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The Central Government has proposed to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session of Parliament. As per the list of business, the Bill seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. The Bill also seeks...

The Central Government has proposed to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session of Parliament.

As per the list of business, the Bill seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

The Bill also seeks to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

Last year, the Supreme Court quashed an RBI notification preventing regulated entities from dealing in virtual currencies. It was of the opinion that curbs were disproportionate.

"When the consistent stand of RBI is that they have not banned Virtual Currencies and when the Government of India is unable to take a call despite several committees coming up with several proposals including two draft bills, both of which advocated exactly opposite positions, it is not possible for us to hold that the impugned measure is proportionate", the Court had observed.

Also Read: Cryptocurrency And Regulation Of Official Digital Currency Bill, 2021 And Legal Framework Ahead

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