Union Cabinet Likely to Discuss Cryptocurrency Bill Today

Story Highlights
  • Centre likely to table bill regulating Crypto.
  • Officials to meet at 1pm today.
  • Bill seeks a facilitative framework for the creation of the official digital currency and ban private cryptocurrencies.

New Delhi: The Union Cabinet is likely to discuss “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” at today’s meeting at 1pm sources reported.The Union Finance Ministry on Tuesday had informed the Lok Sabha that a Bill on cryptocurrency is under final consideration of the Cabinet.The bill which was reportedly to be tabled at the winter session of the Parliament, might be later referred to the Standing Committee for further deliberations post the Winter Session of Parliament.

As per the blueprint laid the bill seeks “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. The bill is also determined to prohibit all private cryptocurrencies in India but it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. The regulator for virtual currency will be the Reserve Bank and crypto assets will be regulated by market regulator SEBI.

This Bill was among the 26 new Bills on the agenda of the government for introduction and passage during the winter session which began on November 29.Currently, the crypto family of the nation is worth Rs 45,000 crore with about 15 million investors.

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