Government to Ban Cryptocurrency and Introduce New Digital Currency

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The Government has 38 Bills on its agenda in the Budget Session of Parliament. These include a proposed bill to restrict cryptocurrency and regulate new official digital currency. According to the government’s agenda, the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 will be introduced in this session. This will open the way for banning digital currency like bitcoin and issuing official digital currency from RBI. It talks about restricting all digital currency in India and creating a framework for official digital currency. In 2019, a government panel recommended to ban all private cryptocurrencies and 10 years in jail and heavy fines for those who transacted in them. 

The panel also suggested launching an official digital currency under the control of Reserve Bank of India, which can be used like other banknotes. Currently, governments around the world are considering the regulation of cryptocurrencies, but so far no major economy has taken any concrete steps in this direction. Bills will be replaced by four ordinances in the budget session. These include the Air Quality in and around the National Capital Territory and the Jammu and Kashmir Reorganization (Amendment) Bill, 2021. The DNA Technology Regulation Bill, the bill related to the care of senior citizens and parents, the Dam Safety Bill and the abortion bill will also be introduced in this session.

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