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Govt likely to move cryptocurrency bill in Parliament’s winter session: Sources

Govt likely to move cryptocurrency bill in Parliament’s winter session: Sources

Govt likely to move cryptocurrency bill in Parliament’s winter session: Sources
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By CNBCTV18.com Nov 8, 2021 10:01:57 PM IST (Updated)

The government is likely to move the cryptocurrency bill at the start of the winter session of Parliament, sources told CNBC-TV18.

The government is likely to move the cryptocurrency bill at the start of the winter session of Parliament, sources told CNBC-TV18 on Monday.

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While the earlier draft had proposed a ban on cryptocurrency, work is on to modify the cryptocurrency bill, sources said. The Finance Ministry officials are trying to “fast track” the modified bill, they added.
Earlier in the day, a report claimed that the government is unlikely to take a tough stance on cryptocurrency in view of large investments by Indians in the digital currency. However, the government may not recognise it as legal tenders either, according to the report.
"A balance has to be found ... A middle path that balances the concerns of all stakeholders is more likely," a government source told a business daily.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was scheduled to be tabled during the Budget session earlier this year. However, it was held back as it didn't address all concerns.
Later, a ministerial panel was formed to study the rules around such currencies.
Finance Minister Nirmala Sitharaman had also said a blanket ban on cryptos is off-table and said the government will take a cautious approach. She has said that the central bank coming up with a "legitimate" cryptocurrency is also a possibility.
"There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. The world is moving fast with technology, we cannot pretend that we don't want it," she had said.
Recently, the policymakers have been considering the pros and cons of cryptocurrencies, taking in RBI's viewpoint, and analysing the laws adopted by other countries.
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