The new Cryptocurrency and Official Digital Currency Bill 2021 is being introduced in the Parliament to for regulation of cryptocurrency and also to launch a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

The purpose of the law has been described as --
  • To create a facilitative framework for an official digital currency issued by the RBI
  • To “prohibit all private cryptocurrencies in India”
But, certain exceptions will be permitted “to promote the underlying technology of cryptocurrency and its uses,” the Lok Sabha Bulletin said..
The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Sumit Gupta, Co-founder & CEO, CoinDCX said, "Since the government is considering introducing the bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision. We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison."

To recall, in May last year China tested its own digital currency 'e-RMB' and became first country to do so. In the same month, China globally launched its own official Blockchain network called 'BSN'.

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