Digital Assets: India To Clamp Down On Cryptocurrencies Via Legislation By Year-End

November 24, 2021 | Digital Assets, Latest News, News

The Indian government is placing a cryptocurrency bill to be considered by lawmakers in the upcoming session of the Parliament.

The legislative agenda for the upcoming winter session of the Lok Sabha, the lower house of the India parliament, shows that a bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” would be introduced for consideration of the house. The Winter session of the Lok Sabha is scheduled to run from November 29 through December 23. (

It appears that the Indian government intends to subdue the growth of cryptocurrencies in India pending the introduction of the country’s homegrown CBDC (central bank digital currency).

The intent of the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is described as follows:

“To create a facilitative framework for 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.”

Unfortunately, the description leaves a lot of room for confusion. First off, the term “private cryptocurrencies” has not been defined, and if the ambit of the term is not clear, it is difficult to guess at the “exceptions.”

It is well known that the Reserve Bank of India (RBI) views cryptocurrencies with some trepidation. Earlier this year Governor Shaktikanta Das commented: “We have serious, major concerns on cryptocurrency with respect to financial stability, [and] have conveyed the same to government of India.”

Meanwhile, the RBI is already working on a CBDC, a digital rupee so to speak, which is likely to see the light of day in a phased manner.

More details of the Government’s intentions on cryptos would be available when the bill is made public.

Related Story: India’s CoinDCX Crypto Exchange Turns Unicorn After Saverin-Led Round

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…