The government plans to talk about banning all cryptocurrencies with a few exceptions in the winter session of the parliament this year.

A very long awaited bill to control the use of cryptocurrencies has finally been added to the winter session this time. The agenda would be “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

The bill has been added to the list and is described as: “it will create a facilitative framework for the creation of the official digital currency to be issued by the RBI. The bill also seeks to prohibit all private cryptocurrencies in India, however, it will allow for certain exceptions to promote the underlying technology of cryptocurrencies and its use.”

This bill was previously listed in the budget session of the parliament but was not introduced back then. Ever since it has been a very intense debate about whether India should prohibit cryptocurrencies or support them. 

Although PM Narendra Modi is thinking “progressively” about cryptocurrencies, The RBI Governor Shaktikanta Das is showing serious concerns on behalf of the bank, including financial instability and says these topics are deeper than what others think. There are over 1.5 crore cryptocurrency users in India who have argued in the favour of cryptocurrencies.