It Is A Bill That Would Regulate Cryptocurrency In India.
It is a digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit. This law will prohibit all private cryptocurrencies and lay down the regulatory framework for the launch of an “official digital currency. The cryptocurrency and regulation of official digital currency bill, 2021, listed for introduction in parliament’s winter session starting november 29, seeks to create a facilitative framework for the creation of the official digital currency to be issued by rbi.
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Regulation #cryptocurrency and regulation of official digital currency bill 2021 | current affairs 2021 #upsc Cryptocurrencies act as alternative investments. India is yet to table the cryptocurrency and regulation of official digital currency bill, 2021, which will lay down the regulatory framework for the launch of an “official digital currency”.
While The Details Of The Bill Are Still Awaited, The Topic Merits A Discussion.
It also prohibits mining, buying, holding, selling, dealing in, issuance, disposal or use of cryptocurrency. The 2019 bill bans the use of cryptocurrency as legal tender or currency. It also prohibits mining, buying, holding, selling, dealing in, issuance, disposal or use of cryptocurrency.
The Article Highlights The Need For Coherent Cryptocurrency Policy And Avoid Missing The Benefits Offered By The Technology.
The bill seeks to prohibit all private cryptocurrencies in india, however, it. It seeks to regulate cryptocurrency and ostensibly ban all private cryptocurrencies. Under this, a plan to ban private digital currencies favours rbi backed currency.
The Cryptocurrency And Regulation Of Official Digital Currency Bill, 2021, Listed For Introduction In Parliament’s Winter Session, Seeks To Create A Facilitative Framework For The Creation Of The Official Digital Currency To Be Issued By The Reserve Bank Of India.
The regulation needs to be clear, transparent, coherent and animated by a vision of what it seeks to achieve. July 18, 2021 0 45. Why cryptocurrencies need to be regulated?