Cryptocurrency News Crypto Ban India Exit Windows

New Delhi: The central government’s proposed “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is likely to provide an exit window to the current or existing cryptocurrency holders of private entities, according to an India Express report. The central government is expected to offer an exit window for existing crypto holders “in the event of an outright ban”, the government official was quoted as saying by IE.Also Read – INS Vela Commissioned Into Indian Navy. Know All About the Scorpene-Class Submarine Here

According to unofficial estimates, Indians are holding around Rs 10,000 crore in cryptocurrencies, the IE report says. Also Read – Self Care Tips: These Self Care Tips Will Help You Cope With Your Anxiety, Start Practicing Today | Watch Video

In the upcoming Winter Session of Parliament, the central government is all set to table “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. Also Read – LIVE IND vs NZ Live Cricket Score Today, 1st Test Live Match Day 1 Updates: Shubman Gill Slams Fifty, Pujara Solid; India 82/1 vs New Zealand at LUNCH

The bill aims to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its users.

The Bill has been listed for introduction, consideration and passing in the Lok Sabha. It is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29, as per an IANS report.

Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands, the IANS report says.

Giving an example of the virtual currency, he had said, “Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” according to the IANS report.

Several high meetings have been held to discuss the regulation of cryptocurrencies. The Parliamentary Standing Committee had also called for the regulation, the IANS report says.