New Delhi: Cryptocurrencies like Bitcoin are bad news for investors. In this budget session, a bill will be considered through which all private cryptocurrencies like Bit Coin will be banned. Although there is no plan to completely ban cryptocurrency but the way will be prepared for the official digital currency issued by the central bank Reserve Bank of India (RBI).
According to the schedule fixed for this session, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be brought in this budget session. It will be considered and the bill will be passed.
According to the Lok Sabha Bulletin, the purpose of this law is to prepare a better framework for RBI’s official digital currency. Apart from this, all private cryptocurrencies in the country will be banned through the bill. However, some exceptions will be approved to promote the underlying technology of cryptocurrency and its use.
There are no set guidelines regarding cryptocurrency in India yet. Three years ago, the Reserve Bank of India (RBI) issued a circular regarding cryptocurrency in 2018. According to this circular, the central bank was banned from providing any services related to cryptocurrencies to regulated entities. After this, the case went to the country’s largest court, the Supreme Court. The Supreme Court rejected a ban imposed by the RBI on cryptocurrencies in March 2020 last year. Since then, investment in Bitcoin in India is entirely at the risk of investors because there is no regulation related to it right now.
