The Winter Session of Parliament begins on November 29, 2024, and the Bill to prohibit private cryptocurrencies in India is expected to be debated and passed during this time. There are 29 new Bills on the government’s legislative agenda, including the Cryptocurrency and Regulation of Official Digital Currency Bill 2024. According to the government, this is to facilitate the creation of the Reserve Bank of India’s official digital currency.
However, in order to promote the underlying technology and applications of cryptocurrencies, the Bill makes certain exceptions that would otherwise be illegal under Indian law.
Last week, an unprecedented panel discussion on cryptocurrency finance took place, and it was agreed that cryptocurrency cannot be stopped but must be regulated. This comes only a week later.
On November 16th, members of the Blockchain and Crypto Assets Council (BACC), as well as industry associations and other stakeholders, met with BJP’s Jayant Sinha.
Investors have long been concerned about the safety of their funds as well as the accuracy of media advertisements describing investment opportunities and risks. Meetings with all stakeholders have been held to discuss digital currency regulation. Prime Minister Narendra Modi also presided over a high-level meeting with representatives from various ministries and the Reserve Bank of India (RBI).
The unregulated growth of cryptocurrencies in India has alarmed the Reserve Bank of India and the Securities and Exchange Board of India.
We have serious reservations about crypto from the standpoint of macroeconomic and financial stability. According to my knowledge, the government is actively considering the issue and will decide how to handle it,” said RBI Governor Shaktikanta Das at a press conference.
