Union Government to introduce Cryptocurrency Bill in the upcoming Winter Session of Parliament
The bill on cryptocurrencies is among 26 bills listed for the upcoming Winter Session of the Parliament. These also include a bill to repeal the three farm laws, a proposal for which is to be discussed by the Union Cabinet on Wednesday.
The union government has listed ‘The Farm Laws Repeal Bill, 2021’ in the legislative business to be taken up in Lok Sabha during the winter session of Parliament, scheduled to commence from November 29. In total, 26 bills have been listed for the winter session, including those on cryptocurrency. The government, on Tuesday, listed a new bill for the upcoming session that seeks to ban all private cryptocurrencies in the country while allowing an official digital currency to be issued by the Reserve Bank of India. Apart from this, the Winter Session will consider the banking amendment bill and the IBC amendment bill.
The cryptocurrency bill seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”, as per the bill listed for the introduction on the Lok Sabha website. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.
According to media reports, Prime Minister Narendra Modi is likely to attend an all-party meeting to be convened on Sunday. An official communique from the Lok Sabha secretariat read, “The Seventh Session of Seventeenth Lok Sabha will commence on Monday, the 29th November 2021. Subject to exigencies of Government Business, the Session is likely to conclude on Thursday, December 23, 2021.”
The Winter Session of Parliament assumes significance in the backdrop of Prime Minister Narendra Modi announcing the government’s decision to repeal the three controversial farm laws last week. The previous seating of the House — the Monsoon Session — was a washout amid disruptions by the opposition parties over several issues, including the contentious farm laws. The Winter Session is also significant as it is being held months before the legislative assembly elections in five states, including the politically crucial Uttar Pradesh. The issues related to inflation, rise in fuel prices, growing cost of edible oil, and recent attacks on civilians in Jammu & Kashmir are likely to be raised by the Opposition.
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