The government will introduce digital currency in India, banning private crypto

New Delhi, Dt
Amid concerns raised by the Reserve Bank, the RSS and Prime Minister Modi about cryptocurrency in the country, the central government is preparing to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the coming winter session. The bill is likely to propose a ban on private cryptocurrencies in India and a framework to regulate the digital currency introduced by the RBI. However, the government may give concessions to some private cryptocurrencies.
As the winter session of Parliament begins on November 8, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 has been tabled in the Lok Sabha. As per the agenda of the Lok Sabha, the government will introduce three new bills during the winter session, proposing to set up a framework for creating the official digital currency to be introduced by the Reserve Bank of India (RBI) in the cryptocurrency related bill.
According to the documents, the bill provides for a ban on all private cryptocurrencies in India. However, it is likely that certain currencies will be given certain concessions to promote cryptocurrency technology and its use. There are currently no restrictions or restrictions on the use of any cryptocurrency in the country.
Against this backdrop, earlier this month, a meeting was held with senior officials led by Prime Minister Modi on cryptocurrency, in which the use of cryptocurrency in the country cannot be stopped, so there were indications to take concrete steps to control it. In recent times there have been a number of advertisements promising easy and high returns on investing in cryptocurrencies. Film stars are also promoting cryptocurrency in these advertisements. The RBI, on the other hand, has expressed concern over advertisements for misleading claims to attract investors.
Last week, the Standing Committee on Finance, headed by BJP member Jayant Sinha, held a meeting with representatives of crypto exchanges, blockchains and the Crypto Assets Council (BACC) and other experts in the field. But it must be controlled.
However, the RBI has repeatedly warned against cryptocurrency, saying that these digital currencies pose a serious risk to the country's macroeconomic and financial stability and that the number of investors trading in them and their market value claims are questionable.