The 2021 Cryptocurrency Act and Official Digital Currency Regulation are designed to provide an enabling framework for the creation of an Official Digital Currency to be issued by the Reserve Bank of India
Hours after the government announced that it would bring the cryptocurrency bill to Parliament. In the winter session, which is supposed to ban all private cryptocurrencies in the country, all cryptocurrency prices have fallen by 15 percent or more.
At 11:45 p.m. on November 23, all major cryptocurrencies saw a decline of around 15 percent and more, with Bitcoin down around 17 percent, Ethereum 15 percent and Tether nearly 18 percent. .
The Cryptocurrency and Official Digital Currency Law Regulation 2021 aims to create a framework to facilitate the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill aims to ban all private cryptocurrencies in the country, but will allow some exceptions to promote the underlying technology and its uses.
The cryptocurrency bill, which aims to regulate digital currency, will be presented to Parliament during the winter session which begins on November 29. The bill is one of a total of 26 bills that have been listed for presentation, according to a government statement on Tuesday.
The first parliamentary cryptocurrency roundtable took place last week, during which consensus was reached that cryptocurrency cannot be stopped in India, but needs to be regulated.
The meeting of the Standing Finance Committee was chaired by BJP’s Jayant Sinha, who met with representatives from cryptocurrency exchanges, the Blockchain and Crypto Assets Council (BACC), industry associations and other stakeholders on Nov. 16.
The Standing Finance Committee meeting was chaired by Jayant Sinha of BJP, who met with representatives from crypto exchanges, the Blockchain and Crypto Assets Council (BACC), industry associations and other stakeholders on Nov. 16.
Prime Minister Narendra Modi also chaired a high-level meeting with representatives from various ministries and the Reserve Bank of India (RBI) on the matter. Prime Minister Modi urged democratic nations to work together to regulate private virtual currencies if they could not fall into the “wrong hands”.
Speaking at the Sydney Dialogue last Thursday, Prime Minister Modi said it was important to ensure that digital currencies are not used illegally as they could spoil young people.
RBI has been reluctant to accept cryptocurrencies and has expressed concern about potential risks to macroeconomic and financial stability and capital controls. The Securities and Exchange Board of India (SEBI) has also raised concerns about the unregulated growth of cryptocurrencies in India with a view to vulnerable retail investors.
Last week, RBI Governor Shaktikanta Das said India needed much more in-depth discussions on cryptocurrencies. “When the central bank says we have serious concerns from a macroeconomic and financial stability perspective, the issues are much deeper. I haven’t seen serious and well-informed public discussions on these issues,” said Das. had said.
Bitcoin was last trading 16.91% lower at 38,76,950 against the rupee, while Ether was down 14.58% at 2,92,897.
