New Bill on cryptocurrency after Cabinet approval: Sitharaman in Rajya Sabha

The government will soon bring in a new Bill on cryptocurrency after it is approved by the Union Cabinet, said Finance Minister Nirmala Sitharaman on November 30 in the Rajya Sabha.

A Bill on Cryptocurrency and Regulation of Official Digital Currency for introduction in the Lok Sabha has been included in the Lok Sabha Bulletin-Part II, as part of the government business expected to be taken up during the ongoing winter session.

The Bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI) for the ongoing winter session of Parliament. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Replying to a series of questions in the Rajya Sabha, Ms. Sitharaman said, “This Bill, once the Cabinet clears, will come into the House.”

The government had also listed a similar Bill for the last Parliament session (monsoon) but it was not taken up.

“The earlier attempt was definitely to come up with a Bill that the house can consider. But, later, because rapidly a lot of things had to come into play, we had started working on a new Bill. This is the Bill that is now being proposed,” she said adding that there was a “genuine attempt” to bring the Bill even during the monsoon session.

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