New Delhi: The budget session of Parliament has begun. At the same time, the general budget for the country is due to be presented on February 1. Sources, meanwhile, told the media that the government was planning to introduce a bill to ban all private cryptocurrencies in the country during the budget session of Parliament.
However, it cannot be independently confirmed whether this is the same bill that the government proposed to introduce in 2018 or whether it is a completely new bill. The proposed legislation is likely to provide a basis for the development of the official digital currency issued by the Reserve Bank of India (RBI). The bill would also allow blockchain promotion, built-in cryptocurrency technology and some exceptions to its use.
The central bank is in need of a digital version of the Fiat currency. However, India’s monetary policy regulator banned crypto transactions in 2018. Although cryptocurrency exchanges filed lawsuits against the Supreme Court order in September and were granted relief in March 2020, the new bill could make things difficult for cryptocurrency exchange owners.
Plan to bring a bill
Confirming this, Unicoin founder and CEO Satvik Vishwanath told the media, “From what we understand, the government is considering bringing it (the bill) into the House, but it is not clear what will happen next. If it is delayed, more time will be taken or a new committee will be formed. We are raising concerns with the government. The government had planned a similar bill in 2018 and it is not known whether it is a single bill or a new bill. We will have to wait for further clarification. ‘