ANTICIPATED TO COME IN THE WINTER SESSION OF PARLIAMENT
The Union Cabinet is likely to introduce the Cryptocurrency Bill 2021, the long-awaited legislation to govern the virtual currency in India, soon.
1
Narendra Modi led a review meeting and it was decided that the government will continue to proactively engage with experts and other stakeholders on the evolving technology
2
The New Cryptocurrency Bill 2021 acknowledges the grey zone of cryptocurrency regulations and it aims to outright ban all private cryptocurrencies
3
When the Cryptocurrency Bill 2021 becomes an Act, the RBI intends to launch its own official cryptocurrency under the Central Bank Digital Currency.
4
The Bill includes a grace period during which public can liquidate all of its private crypto assets before the bill's provisions penalise mining, issuing, and trading in private crypto
5
The Bill includes a grace period during which public can liquidate all of its private crypto assets before the bill's provisions penalise mining, issuing, and trading in private crypto
6
Cryptocurrency is bound to become a well-known concept in India after the bill , and its ownership can be checked through intellectual property protections
7
Speculations say that anticipated Bill will allow coin holders to quit the asset class before its expected prohibition, but will impose a hefty penalty on conversion to a legal asset.