Digital Currency News: New Cryptocurrency Bill To Empower SEBI, RBI To Be Introduced In Winter Session

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Digital Currency News: The government will introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ in the winter session of Parliament.

  • Finance Minister Nirmala Sitharaman said that the government has no plans to promote cryptocurrencies in India.
  • He had earlier said that the crypto bill would be introduced in the Parliament after the cabinet approval.

The government has held extensive discussions on the legal framework for cryptocurrencies in India.

Digital Currency News: Cryptocurrency is going to tighten its grip soon. 

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The government will introduce ‘The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021’ in the winter session of Parliament. 

The new cryptocurrency bill will empower regulators and government agencies. 

Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and tax department will be able to view KYC data of investors of crypto exchanges.

The Economic Times quoted two people in a report as saying, “Under the new rule, cryptocurrency exchanges will have to share KYC data with the government, which will mainly include details of their investors.

Uniform KYC Process Will Be Implemented

Business Daily quoted sources as saying that, the new cryptocurrency framework will implement a uniform KYC process that every exchange will have to follow. 

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At present, different cryptocurrency exchanges have different KYC procedures.

Many in the government fear that many cryptocurrency investors are operating accounts not only on the platforms, but also with the many banks and NBFCs where their money is deposited. 

It is to be known that the winter session of Parliament started from 29 November.

As a pilot digital currency can launch RBI

Government and Reserve Bank of India (RBI) has expressed concern over several times Kriptokrensi. 

In the first quarter of the next financial year, the central bank may launch a digital currency on a pilot basis. 

It is noteworthy that the digital currency of the central bank- CBDC (CBDC) will be a digital form of legal tender, which is similar to fiat currency. 

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We will be able to use CBDC as normal rupee-for-money. 

RBI Governor Shaktikanta Das had said that soft launch of CBDC is expected by December. 

However, no official timeline has been given on this.

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