A bill to regulate cryptocurrency will be introduced in Parliament during the winter session that begins on November 29. The Official Digital Currency Bill, the Cryptocurrency and Regulation of 2021, is one of a total of 26 bills that have been listed for introduction. This comes a week after the first parliamentary panel discussion on the broad framework of crypto finance, where a consensus was reached that cryptocurrency cannot be stopped, but should be regulated.
Misleading advertisements in the media about the safety and investment potential and risks of investors’ money have long been a concern. The government has held several meetings with all stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also chaired a high level meeting with officials of various ministries and RBI on the issue.