The central government will introduce a bill in the next winter session of parliament to regulate cryptocurrency. According to the Lok Sabha’s website, the Corrupt Currency and Regulation of Official Digital Currency Bill is one of the 26 bills to be introduced in the winter session starting November 29. According to a report on the News18 portal, it came a week after a parliamentary panel headed by BJP leader Jayant Sinha discussed the pros and cons of corrupt finance with various stakeholders, and reached an agreement. Digital currencies cannot be stopped, but they must be regularized.
The bill “seeks to ban all private cryptocurrencies in India” but allows “some exceptions to promote basic technology and its use”. The aim is to create a “facilitated framework” for the creation of the official digital currency issued by the RBI. Yes, but the government is anxious to bring in legislation to regulate the digital currency sector.
Prime Minister Narendra Modi said last week that corrupt currencies “should not fall into the wrong hands”, urging all democracies to come together and ensure that such things do not happen. Money laundering and terrorism Strong regulatory control over cryptocurrency rather than a complete ban on it to avoid financial aid.
The most important of all the 26 bills would be the Laws Repeal Bill, 2021, which would overturn the three form laws introduced by the Center last year. PM Modi had announced last week that the government would introduce a bill in this winter session to repeal the three laws as it had failed to make farmers and farm unions understand the importance of the three laws.
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