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In India, a decision will be made to ban cryptocurrencies in winter



A bill to ban all private cryptocurrencies in the country will be discussed at the upcoming winter session of the Indian parliament. The meeting will begin on November 29, 2021.

The bill on cryptocurrencies and the regulation of official digital currencies is one of 26 new laws that the Indian government will decide on this winter. The government reportedly has the following plans:

A legal framework is being created for an official digital currency of the Central Bank of India.

The bill aims to ban all private cryptocurrencies in India. However, there should be certain exceptions to promote the underlying technology and its use.

The bill comes a week after the very first parliamentary panel discussion on crypto. During the discussion, a consensus was reached that cryptocurrencies cannot be stopped completely, but that they must be regulated .

The meeting of the Standing Finance Committee was chaired by BJP's Jayant Sinh, who met with representatives from crypto exchanges as well as industry bodies from the Blockchain and Crypto Assets Council and other stakeholders.

Future of cryptocurrencies in India uncertain

Investor safety and misleading media advertising regarding investment potential and risk were major concerns. The government has held numerous stakeholder meetings to discuss digital currency regulation. Prime Minister Narendra Modi also held a high-level meeting with officials on the issue.

The country's Reserve Bank of India (RBI) and Securities and Exchange Commission have raised concerns about the unregulated growth of cryptocurrencies in India. It was mainly about risks for small investors.

At a media event, RBI boss Shaktikanta Das said:

When it comes to cryptocurrencies, we have serious concerns about macroeconomic and financial stability. We have made our detailed proposals to the government. As far as I know, the government is actively looking into this matter and the government will decide.

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