Parliament to consider bills to ban private cryptocurrencies, set up DFI

The Bill will prohibit all private cryptocurrencies in India, but will allow for certain exceptions to promote the underlying technology of cryptocurrency, and its uses

The Budget session of the Parliament will consider introduction of two keys bills that seek to ban private cryptocurrencies and set up a development finance institution for infrastructure financing.
 

The government will introduce the 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 that seeks to create a "facilitative framework" for creation of an official digital currency that will be issued by the Reserve Bank of India. The Bill will prohibit all private cryptocurrencies in India, but will allow for certain exceptions to promote the underlying technology of crytptocurrency, and its uses.
 

The government will also introduce The National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021 through which a new Development Financial Institution will be set up.
 

The DFI will act as a "provider, enabler and catalyst for infrastructure financing and as the principal financial  institution and development bank for building and sustaining a supportive ecosystem across the life-cycle  of infrastructure projects."

The details of the bill will be made public once these laws are tabled in the Parliament.
 

Besides these, the current Parliament session will also consider 18 other bills, including the Finance Bill, for passage. This includes Multi-State Cooperative Societies (Amendment) Bill, 2021 that will enable co-operative societies to raise resources more effectively by promoting functional autonomy and professionalization. The Competition (Amendment) Bill, 2021 will also be introduced to bring structural changes in the governing structure of the CCI, and to address the needs for new age markets.