NEW DELHI: The Centre plans to bring a bill in the forthcoming winter session of Parliament to prohibit all private cryptocurrencies in the country but with certain exceptions. According to the Parliamentary bulletin detailing the legislative business for the Lok Sabha, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.
While the bill seeks to prohibit all private cryptocurrencies in the country, “it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”. Notably, the bill does not use the word ‘ban’. According to sources, a 3-6 month exit period could be offered before preventing the trading, mining and issuing of cryptos so that existing investors have the opportunity to exit after declaring their investment for the purpose of taxation.
The Centre had planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament in the past two sessions, but dropped it due to strong opposition from the Reserve Bank of India, investigative agencies and the Vishwa Hindu Parishad, which sought a complete ban on cryptos alleging such digital money is used to fund terrorism etc.
Currently, there is no regulation or ban on the use of cryptocurrencies in the country. Earlier this month, Prime Minister Narendra Modi had held a meeting on cryptocurrencies with senior officials, dropping hints that strong regulatory steps would be taken to deal with the issue.
Indian Maritime Fisheries Bill
An Indian Maritime Fisheries Bill, which proposes sustainable development of fisheries in India’s exclusive economic zones and responsible harnessing of fisheries in high seas has also been listed