The and Regulation of Official Digital Currency Bill, 2021 is expected to be taken up for final consideration and passing during the winter session of the parliament, which is scheduled to start from November 29, 2021.
The bill seeks to prohibit all private cryptocurrencies in India, with some exceptions.
This bill is among26 new Bills, out of total of 29 Bills in the governments legislative agenda.
With Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, government seeks to create a facilitative framework for creation of official digital currency that will be issued by the Reserve Bank Of India.
Cryptocurrency is the collection of binary data, that works as a medium of exchange. Cryptocurrency does not exist in physical form. It is not issued by a central authority and use decentralized control.