New Delhi, Nov 23, : .The Union government will introduce a Bill that seeks to ban all private cryptocurrencies from India during the Winter Session which begins November 29. It will be known as The Cryptocurrency Regulation of Official Digital Currency Act, 2021.It allows for exceptions to promote cryptocurrency’s underlying technology and its use.
The Bill has been submitted to the Lok Sabha for consideration, introduction, and passage.It is one of 26 new bills that will be introduced in the Parliament session starting November 29.
Prime Minister Narendra Modi stated earlier that all democratic countries must work together to secure cryptocurrency from being stolen.
He gave an example of virtual currency and said: “Take cryptocurrency or Bitcoin as an example.It is vital that all nations cooperate on this and make sure it doesn’t end up in the wrong hands.This could ruin our youth.
Numerous high-level meetings have been held to discuss regulation of cryptocurrency.The regulation was also requested by the Parliamentary Stnading Committee.
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