Govt to bring forward a Crypto Bill soon: Clear definitions, no grey areas

Operationalising the ban is being fleshed out by Centre

The government is fine-tuning the operationalisation part for banning private cryptocurrencies for the new legislation that will be sent to Cabinet for approval soon.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, or Crypto Bill, will take care of which cryptocurrencies the government is seeking a ban on, with clear definitions to plug any grey areas that could possibly arise due to the evolution of technology, said a senior government official.

“Clear definitions will seek to cover private cryptocurrencies. Otherwise the legislation will be open-ended, leading to several interpretations of the evolving technology,” added the official. 

Operationalising the ban is being fleshed