RBI, crypto industry bodies mulls steps to regulate, track crypto trading

As part of the government business likely to be taken up during the ongoing winter session, a Bill on Cryptocurrency and Regulation of Official Digital Currency has been listed in the Lok Sabha Bulletin-Part II for introduction in the Lok Sabha.

Restrictions on peer-to-peer transactions, capital requirements for exchanges, a tax on airdropped coins, and a categorisation procedure to allow only certain types of cryptocurrencies were among the ideas floated during separate discussions between policymakers, the Reserve Bank of India (RBI), and crypto exchanges over the past few weeks as they explored a possible regulatory framework if crypto assets are approved to be in the system with restrictions.

Brokers, crypto exchanges, and industry groups testified before a parliamentary standing committee on finance and banking regulator this month, according to sources.

Nirmala Sitharaman, the Finance Minister, stated on Monday that there is no plan to recognise Bitcoin as a currency. During the current winter session of Parliament, the National Democratic Alliance (NDA) administration intends to present the Cryptocurrency and Regulation of Official Digital Currency Bill 2021.

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