In recent weeks, discussions about cryptocurrency have been everywhere. Decentralised digital currencies secured by cryptography were the s...
In recent weeks, discussions about cryptocurrency have been everywhere. Decentralised digital currencies secured by cryptography were the subject of a prime ministerial meeting, a statement by the Reserve Bank of India governor and were featured in a barrage of advertisements during cricket matches. On November 23 came the news that the Lok Sabha is set to table a draft legislation on cryptocurrencies.
There has been a great deal of speculation about whether the law will prohibit cryptocurrencies or merely attempt to regulate them.
Already, in March 2020, a Reserve Bank of India ban on cryptocurrencies was overturned by the Supreme Court
Supporters of cryptocurrency say that digital currencies lower the cost of transactions and bring more transparency to the financial system. But sceptics say they are wary about the lack of governmental control over such instruments and that they could be used to finance illegal activities.
This is what you need to know about the situation.
What is happening?
Last week, the Lok Sabha bulletin listing the agenda for the winter session of the Parliament said the government will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The Bill aims “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of...
