New Delhi At today's meeting, the Union Cabinet is expected to consider "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021." According to sources, the meeting will begin at 1 p.m. The Union Finance Ministry informed the Lok Sabha on Tuesday that the Cabinet is currently considering a bill on cryptocurrency.
The bill aims to outlaw all private cryptocurrencies in India, but it makes some exclusions in order to encourage cryptocurrency's underlying technology and applications.
The Union administration had previously planned to introduce the Bill in Parliament's Winter Session, and it is expected to be forwarded to the Standing Committee for further consideration, according to sources. "To develop a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India," according to the bill. The bill was one of 26 new bills on the government's agenda for introduction and passage during the government's winter session, which began on November 29.
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