Modi govt to ban private cryptocurrencies, bill to be tabled in upcoming Parliament session

New Delhi: A Bill seeking to prohibit all private crypto currencies would be taken up in the forthcoming Parliament session that commences on November 29.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is among 26 Bills listed in the Government Legislative and Financial Business.

The Bill on crypto seeks to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

"The Bill also seeks to prohibit all private crypto currencies in India, however, it allows for certain exceptions to promote the underlying technology of crypto currency and its uses," as per a Lok Sabha bulletin.

Amid growing concerns around crypto currencies, Prime Minister Narendra Modi had on November 13 held a high-level meeting and comprehensively discussed various aspects around the emerging investment asset.

The concerns around unregulated crypto currencies becoming avenues for money laundering and terror financing were also discussed.

"It is important that all democratic nations work together on crypto-currency and ensure it does not end up in wrong hands, which can spoil our youth,” PM Modi said last week while delivering keynote address at the Sydney Dialogue.

Reserve Bank of India Governor Shaktikanta Das has red-flagged crypto currencies maintaining that they are serious threat to the financial system since they are unregulated by central banks. (UNI)