The proposed bill does not ban cryptocurrency and blockchain: MoS Rajeev Chandrasekhar

The proposed bill does not ban cryptocurrency and blockchain: MoS Rajeev Chandrasekhar

FPJ Web DeskUpdated: Friday, November 26, 2021, 04:07 PM IST
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Union MoS Electronics & IT Rajeev Chandrasekhar while speaking at Republic media's ‘India Economic Summit 2021’ cleared the air around cryptocurrency and the new bill to be passed in the upcoming winter session of the parliament.

"On the issue of crypto, the suggested law does not ban crypto, does not ban blockchain. What it's done is it's said there'll be a central bank digital currency," said MoS Rajeev Chandrasekhar.

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."

"The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," it said in a notification on Lok Sabha website.

According to the website, the much-awaited cryptocurrency bill is likely to prohibit all the private cryptocurrencies in India, with certain exceptions.


Currently, there is no regulation or any ban on the use of cryptocurrencies. Against this backdrop, PM Modi, earlier this month, held a meeting with senior officials, from which came indications that strong regulatory steps could be taken to deal with the issue.


Recently, there has been a spike in advertisements, some of them featuring film stars, promising easy and high returns on investments in cryptocurrencies; witgh that has emanated concern that such currencies are being allegedly used for luring investors with misleading claims.

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