Government to bring a bill at this stage to ban all 'private cryptocurrencies'

Public Lokpal
November 24, 2021

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Government to bring a bill at this stage to ban all 'private cryptocurrencies'

New Delhi: Reserve Bank of India Governor Shaktikant Das warned that crypto-currencies pose a serious concern to macroeconomic and financial stability, with the government's legislative agenda for the upcoming winter session of Parliament showing that it is a "private cryptocurrency". planning to ban.

The government is set to introduce the “Official Digital Currency Bill, 2021 on Cryptocurrency and Regulation” in the winter session of Parliament that begins on November 29. The bill aims to "create a facilitating framework for the creation of an official digital currency". To be issued by Reserve Bank of India. The bill also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote cryptocurrencies and the underlying technology of its use,” it said in a notification on the Lok Sabha website.

The definition of private cryptocurrencies is yet to be clarified by the government. By some definitions, bitcoin, ethereum and many other crypto tokens are based on public blockchain networks, meaning that transactions made using the network can be traced, while still keeping the identities of users secret. Private cryptocurrencies, on the other hand, can refer to Monero, Dash, and others, which, although built on public blockchains, do not provide transaction information to provide privacy to users. In short, while Bitcoin does not reveal identity, Monero provides privacy and is, therefore, a private token.