In a statement to The Hindu, the Union Minister said that the final decision regarding this bill will be taken only by the cabinet. Furthermore, Union Parliamentary Affairs Minister Pralhad Joshi has already said that over 20 bills including five ordinances will be introduced in the cryptocurrency bill during the monsoon session.
Column 12 of page 25 of the Bulletin, available on the Parliament’s website, says, “To create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill also seeks to ban all private cryptocurrencies in India. However, it also allows some exceptions to promote cryptocurrencies and the technology underlying its use.
The Reserve Bank of India has already appeared serious about cryptocurrencies. On 31 May 2021, RBI had said that banks would be allowed to facilitate cryptocurrency trading and also stated that a 2018 central bank circular for the same could be ignored.
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