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India’s Crypto Bill Seeks To Ban Cryptocurrencies, To Allow Certain Use Cases

The bill is set to be tabled during the upcoming Winter Session of the Parliament starting from November 29, 2021The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to ban all private cryptocurrencies while allowing certain use casesThe Indian government has yet again listed a crypto bill named The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for the upcoming winter session of the parliament. The bill seeks to ban all private cryptocurrencies while allowing a few exceptions. The Crypto Bill has been listed along with 25 other proposed bills including The Insolvency and Bankruptcy (Second Amendment) Bill, 2021, and The Banking Laws (Amendment) Bill, 2021 that seeks privatisation of two public sector banks. According to the bill description, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The bill will also pave the way for the central bank digital currency (CBDC) aka fiat cryptocurrency project.

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