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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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