The heated issue on cryptocurrency is likely to be raised in Parliament today. There will be a discussion on the Cryptocurrency Bill in Parliament to ban virtual currency like Bitcoin.
Explain that the Inter-Ministerial Panel on Cryptocurrencies, constituted under the chairmanship of the Secretary of Economic Affairs, to study the digital currency, has already submitted its report to the government.
recommendation to ban
In the report, an inter-ministerial panel has recommended that all private cryptocurrencies, except state-run digital currency, be banned in the country. The Finance Minister had said in the past that the cryptocurrency bill RBI has conveyed to the government its concerns related to the prevailing cryptocurrency in the market.
what is the system now
Right now there are no specific rules regarding cryptocurrency in the country, nor has it been banned in the country. PM Narendra Modi had a meeting with top officials on cryptocurrency. Only after that the government started taking strict regulatory steps to deal with this issue.
what could be in the bill
The proposed Cryptocurrency and Official Digital Currency Regulation Bill 2021 on Cryptocurrencies focuses on investor protection. Because cryptocurrencies come in assets. Work on this bill has been going on for a long time. The government was engaged in preparing the bill only after the RBI continued to raise concerns. RBI had feared that it could be used for hawala and terrorist funding.
crypto bill will come in this session
The government intends to introduce this bill in this session. Finance Minister Nirmala Sitharaman had earlier said that she was waiting for the Cryptocurrency Bill. Both the government and the Reserve Bank of India have already raised concerns over the cryptocurrency. The winter session of Parliament began on November 29. (with PTI input)
