The Cryptocurrency and Regulation of Official Digital Currency Bill is one among 26 new items of legislation for India's lower house of parliament to think about once it convenes next Mon.
The Indian government are considering a bill that may produce a digital rupee beginning as early as next week, however may additionally ban bound cryptocurrencies within the country.
According to a Tuesday publication, India's lower house of parliament, Lok Sabha, can think about The Cryptocurrency and Regulation of Official Digital Currency Bill mutually of 26 new bills once the govt body convenes for its winter session next weekday. The document states that lawmakers may vote on legislation that makes “a helpful framework for creation of the official digital currency” issued by the country’s central bank, the reserve bank of india. additionally, the bill proposes the prohibition of “all non-public cryptocurrencies” with the exception of assets “to promote the underlying technology of cryptocurrency and its uses.”
The same bill has antecedently appeared on the Indian parliament’s agenda however has not light-emitting diode to a government vote on legislation that addresses digital assets. In March 2020, India’s supreme court upset a blanket ban on crypto imposed by the central bank 2 years agone. Since that point, reports from several media shops additionally as statements from officers recommend that the Indian government is considering completely different solutions to manage digital assets.
(Turner Wright, Cointelegraph, 2021)