Indian government set to bring crypto bill to parliament

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The Indian government is expected to introduce a crypto bill in the winter session of parliament, according to an official bulletin.

The bulletin, released on Tuesday, lists “The Cryptocurrency Bill and Official Digital Currency Regulation, 2021” for introduction, review, and passage.

The newsletter is published by Lok Sabha, the lower house of the bicameral Parliament of India. It confirms recent reports that a crypto bill will be introduced in the winter session of parliament, which begins on November 29 and ends on December 23.

The description of the bill in the bulletin states that it aims “to create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India.”

The bill “also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.”

In particular, this is not the first time that the Lok Sabha has mentioned this bill in its newsletter. Earlier this year, a newsletter from Lok Sabha listed the same bill with the same description. This bill was supposed to be introduced in February, but was never tabled in Parliament.

While the description of the last bill matches what the 2019 bill said, it cannot be said for sure whether the two bills are the same.

The 2019 bill was drafted by an inter-ministerial committee under the chairmanship of Subhash Chandra Garg, who then served as secretary of the Department of Economic Affairs in the Ministry of Finance.

This bill was called “The Cryptocurrency Ban and Regulation of the Official Digital Currency Bill, 2019” and recommended that crypto be banned in almost all of its forms, including trading and trading. detention. It has never been presented to Parliament.

The content of the 2021 bill is unclear. “We have to wait until the start of the session,” Jaideep Reddy, head of technology law practice at Nishith Desai Associates, told The Block.

The list comes days after Indian Prime Minister Narendra Modi, several other lawmakers, as well as industry stakeholders held meetings to discuss the crypto space, including its opportunities and challenges.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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