Bill to ban private cryptocurrencies to come up in Winter Session

The government has listed a bill for the upcoming winter session of Parliament, starting November 29, seeking to ban all private cryptocurrencies. This is among the 26 pieces of legislation, including the repeal of three farm laws, listed for the session.

The price of Bitcoin was down sharply from Rs 46 lakh to Rs 40 lakh in just about 90 minutes after this news came in.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the list of business for the winter session of Parliament.