Govt to introduce Cryptocurrency Bill in Winter Session of Parliament

The government will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the Winter Session of Parliament, which is slated to begin on November 29.

According to the Lok Sabha’s agenda, the central government will be introducing 26 bills in Parliament in the Winter Session, of which India’s first bill to regulate crypto will be one. These also include a bill to repeal the three farm laws, a proposal for which is to be discussed by the Union Cabinet on November 24.

Some of the other noteworthy discussions that have been listed by the Centre are on the amendments to banking laws with regard to privatisation of two PSBs, amendment to Banking Companies Acts, 1970 and 1980, and “incidental” amendments to Banking Regulation Act with regard to privatisation.

The news comes a week after the country held its first parliamentary panel discussion on cryptocurrency, wherein a consensus was reached on the need to regulate it.

On November 16, the Parliamentary Standing Committee on Finance chaired by Bharatiya Janata Party leader and former union minister Jayant Sinha had met representatives of the Blockchain and Crypto Assets Council (BACC), crypto exchanges, and industry associations, among other stakeholders.

At the Parliamentary Standing Committee meeting with industry associations and experts, all parties concluded that cryptocurrency cannot be stopped, but it must be regulated. However, there was no clarity from industry associations and stakeholders on who should be the regulator.

One of the primary concerns that were expressed by MPs at the meet was about the security of investors’ money. One parliamentarian also expressed concern over full-page crypto advertisements in national dailies.

Experts, on the other hand, opined that cryptocurrency is a sort of investors’ democracy.

The winter session of the Parliament is scheduled to start from November 29 and conclude on December 23.

With inputs from PTI.