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Budget 2021: Private cryptocurrency bill likely to be tabled in Parliament

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New Delhi, Jan 31: The government is set to introduce the private cryptocurrency bill in the budget session of Parliament.
The Cryptocurrency and Regulation of Official Digital Currency Bill is likely to be taken up in the budget session of Parliament. The Budget will be tabled in Parliament on February 1.

Parliament

The bill once passed will ban cryptocurrencies while putting a framework for the launch of digital currency by the Reserve Bank of India.

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The Lok Sabha bulletin that was released on Friday said that one of the purposes of the bill is to prohibit all private cryptocurrencies in India, while also providing a certain exception to promote the underlying technology.

In 2018, the then finance minister, late Arun Jaitley had stated that the government's resolve to discontinue the use of bitcoin and other virtual currencies.

The RBI had banned cryptocurrency transactions. However the Supreme Court had recently permitted people to buy and sell virtual currency.

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