India’s government is expected to introduce a crypto bill at the winter session of Parliament, according to an official bulletin.
Published this Tuesday (23), the bulletin lists “The Bill of Cryptocurrency and Regulation of Official Digital Currency, 2021” for presentation, voting and approval.
The document is published by Lok Sabha – Lower House of the bicameral Parliament of India. The bulletin confirms recent reports pointing to the presentation of a crypto bill at the winter session of Parliament, which will start on November 29 and end on December 23.
The bill’s description in the bulletin says it hopes to “create an enabling framework for the creation of an official digital currency to be issued by the Reserve Bank of India.”
The bill also “seeks to ban all cryptocurrencies Private companies in India, however, allow for certain exceptions to promote the underlying cryptocurrency technology and its uses.”
Notably, this is not the first time Lok Sabha has mentioned the bill in his newsletter. Earlier this year, another lower House bulletin listed the same bill with the same description. This bill was expected to be introduced to Parliament in February, but it was never introduced.
Although the description of the most recent bill matches what the 2019 bill indicated, it is not possible to guarantee that the two bills are the same.
The 2019 project was drafted by an inter-ministerial committee, under the command of Subhash Chandra Garg, who at the time served as secretary of the Department of Economic Affairs within the Ministry of Finance.
This bill was called “The Cryptocurrency Prohibition and Official Digital Currency Regulation Bill, 2019” and recommended banning crypto in almost all of its forms, including trading and reservation. However, the bill was never presented to Parliament.
The 2021 bill’s proposal remains unclear. “We have to wait until the session starts,” Jaideep Reddy, head of technology law practice at Nishith Desai Associates, told The Block.
Source From: Moneytimes
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