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Cryptocurrency Bill | India’s first step to exercise its sovereignty over digital currency
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Adithya Anil Variath
The recent government decision to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session of Parliament has created a furore in the market. The outcry is expected because India’s digital currency market was worth $6.6 billion in May, compared with $923 million in April 2020, according to 2021 Chainalysis’ Global Crypto Adoption Index.
The Bill intends to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. The Bill also seeks to “prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
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