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New Crypto Bill

  • IASbaba
  • November 24, 2021
  • 0
UPSC Articles
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New Crypto Bill

Part of: Prelims and GS-III – Awareness in the fields of IT

Context The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will introduce in the winter session of Parliament

Key Provisions

  • Regulate cryptocurrency and ostensibly ban all private cryptocurrencies.
  • Create a facilitative framework for creation of the official digital currency to be issued by the RBI.
  • So far, no public consultations have been held.

What is the Present status?

  • An inter-ministerial panel on cryptocurrency recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
  • RBI has raised concerns about the cryptocurrencies.

What are Cryptocurrencies?

  • Digital currencies in which encryption techniques are used to regulate the generation of units of currency.
  • Examples: Bitcoin, Ethereum etc.

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