Central government will introduce 'The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021' in the upcoming winter session of Parliament on November 29, 2021.
The bill is among 26 new Bills of a total of 29 Bills in the government's legislative agenda. The government's objective is, "To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."
Some of the other noteworthy discussions that have been listed by the Centre are on the amendments to banking laws with regard to privatisation of two PSBs, amendment to Banking Companies Acts, 1970 and 1980, and “incidental” amendments to Banking Regulation Act with regard to privatisation.
The standing committee on finance meeting was chaired by BJP's Jayant Sinha, who met representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders on November 16.
The Reserve Bank of India and Securities and Exchange Board of India have voiced concerns about the unregulated growth of cryptocurrencies in India, keeping vulnerable retail investors in mind.
"On crypto...we have serious concerns from the point of view of macroeconomic and financial stability. How the issue has to be dealt with - we have given our detailed suggestions to the government; as far as I know, the matter is under the active consideration of the government, and the government will decide," RBI Governor Shaktikanta Das had said on Wednesday at an event.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)