Finally an important decision has came regarding cryptocurrency in Bharat. A bill to ban all types of private cryptocurrencies by the government will be laid on the table of the house in the Winter Parliament session starting from 29 November 2021. Also, the purpose of this bill will be to provide a convenient framework for the creation of digital currency by the Reserve Bank of India (RBI). Although complete information about this bill has not been revealed, but at present, the way in which the investment of citizens of Bharat, especially the youth, in cryptocurrencies was increasing continuously, it became necessary for the government to take a decision on this issue. Because at present the entire market of cryptocurrency is non-regulated and through this the risk of money laundering and terror funding was increasing.
The official website of Lok Sabha gives a list of 26 bills that will be introduced in Parliament in the winter session that starts in a few days. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, a bill related to the regulation and ban of cryptocurrencies, is also one of them. Regarding the bill, it has been written that this bill will be helpful in providing a convenient framework for the creation of official digital currency of RBI. Also, this bill will have provisions to ban all types of private cryptocurrencies. However, this bill to be introduced also states that certain exceptions are allowed to promote the technology underlying cryptocurrency and its use.
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A few days back, Prime Minister Shri Narendra Modi chaired a meeting to discuss cryptocurrencies and related issues. Concerns were expressed at the meeting over the non-regulation and non transparent process of cryptocurrencies. According to news agency ANI, it was agreed in this meeting that at any cost, this non-regulated cryptocurrency market will not be allowed to become a medium of money laundering and terror funding. According to ANI, before this meeting, the matter was thoroughly investigated by the Ministry of Finance, Ministry of Home Affairs and RBI and cryptocurrency experts from Bharat and the world were consulted.
It was recently expressed that crores of Bharatiya citizens have invested around Rs 6 lakh crore in cryptocurrencies. In such a situation, Supreme Court advocate and cyber law expert Dr. Pawan Duggal had said that if these figures are correct that about 6 lakh crore rupees have been invested in cryptocurrencies and this market of cryptocurrency is completely non-regulated, then there is a huge possibility that many people may have to bear the loss of their investment. Although only the information regarding the introduction of cryptocurrency-related bill in Parliament has come to the fore, while complete picture related to it is still lacking, so people are advised not to take any decision in haste or panic.