According to the Lok Sabha Bulletin published on January 29, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, aims to stop the trading of digital currencies in India. Simultaneously, the bill also seeks a central bank digital currency (CBDC) issued by the country’s central bank, the Reserve Bank of India.
The Indian Parliament is now considering introducing a government-backed bill that would put a ban on cryptocurrencies in its upcoming budget session. Notably, India’s Finance Minister, Mrs. Nirmala Sitharaman is slated to announce the National Budget for 2021-22 on February 1.
It is worthy of note that while the bill is anti-private cryptocurrencies in nature, it will, however, allow certain exceptions to promote the use of the technology that undergirds cryptocurrencies.
Should the bill be passed by the Indian Parliament, it would make India the only major Asian economic powerhouse to adopt an anti-crypto stance in contrast to other neighboring countries, including Pakistan that are making attempts to regulate digital currencies just like corporate stocks.
Notable personalities from the India cryptocurrency ecosystem took to Twitter to their thoughts on the proposed bill.
Founder and CEO of cryptocurrency exchange WazirX, Nischal Shetty urged Indians to not panic.
So we have a bill in Parliament around crypto.
Let’s not be afraid. We’ve been preparing for this. We’ve been pushing for regulations.
I believe this bill will be referred to a standing committee for further deliberations.
More thoughts below.#IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) January 30, 2021