{"id":217164,"date":"2019-07-22T20:00:33","date_gmt":"2019-07-22T14:30:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217164"},"modified":"2019-07-22T17:32:42","modified_gmt":"2019-07-22T12:02:42","slug":"draft-bill-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/22\/draft-bill-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019\/","title":{"rendered":"Draft Bill \u2018Banning of Cryptocurrency &#038; Regulation of Official Digital Currency Bill, 2019\u2019"},"content":{"rendered":"<p style=\"text-align: justify;\">Government had constituted an Inter-Ministerial Committee (IMC) on 02-11-2017 under the Chairmanship of Secy (EA), with Secy (MeiTY), Chairman (SEBI) and Dy. Governor, RBI as Members, to study the issues related to virtual currencies and propose specific action to be taken in this matter. The Group\u2019s report, along with a Draft Bill has been received by the Government. This Report and Draft Bill will now be examined in consultation with all the concerned Departments and Regulatory Authorities before the Government takes a final decision.<\/p>\n<p style=\"text-align: justify;\">In the Report, the Group has highlighted the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in India.\u00a0The DLT-based systems can be used by banks and other financial firms for processes such as loan-issuance tracking, collateral management, fraud detection and claims management in insurance, and reconciliation systems in the securities market.<\/p>\n<p style=\"text-align: justify;\">As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the Group has recommended the banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India.<\/p>\n<p style=\"text-align: justify;\">The Group has also proposed that the Government keeps an open mind on official digital currency.<\/p>\n<p style=\"text-align: justify;\">As virtual currencies and its underlying technology are still evolving, the Group has proposed that the Government may establish a Standing Committee to revisit the issues addressed in the report as and when required.<\/p>\n<p style=\"text-align: justify;\">A\u00a0copy of the Report of the Group, along with the\u00a0Draft Bill \u2018Banning of Cryptocurrency &amp; Regulation of Official Digital\u00a0Currency\u00a0Bill, 2019<strong>\u2019<\/strong> has been placed below:<\/p>\n<p><a href=\"https:\/\/dea.gov.in\/sites\/default\/files\/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf\">Report of the Committee to propose specific actions to be taken in relation to Virtual Currencies<\/a><\/p>\n<p><a href=\"https:\/\/dea.gov.in\/sites\/default\/files\/Approved%20Press%20Release%20on%20the%20Report%20and%20Bill%20of%20the%20IMC%20on%20VCs%2022%20July%202019.pdf\">Press Release on Report of the Committee on Virtual Currencies<\/a><\/p>\n<hr \/>\n<p><strong>Press Release dt. 22-07-2019]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Source: PIB]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Ministry of Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government had constituted an Inter-Ministerial Committee (IMC) on 02-11-2017 under the Chairmanship of Secy (EA), with Secy (MeiTY), Chairman (SEBI) and Dy. <\/p>\n","protected":false},"author":8808,"featured_media":217165,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[36734,29947,36735,2824],"class_list":["post-217164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019","tag-cryptocurrency","tag-inter-ministerial-committee","tag-Ministry_of_Finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Draft Bill \u2018Banning of Cryptocurrency &amp; Regulation of Official Digital Currency Bill, 2019\u2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Anurag Singh\u2020\u2020 and Varsha S. 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Meet the Panelists: 1. Shri Subhash Chandra Garg Advisor to Chief Minister of Andhra Pradesh. Former Secretary, Ministry of Power & Ministry of Finance, Government of India Chairman, High\u2026","rel":"","context":"In &quot;Events\/Webinars&quot;","block_context":{"text":"Events\/Webinars","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/events-and-webinars\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/08\/Cover_Revised.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/08\/Cover_Revised.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/08\/Cover_Revised.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/08\/Cover_Revised.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/08\/Cover_Revised.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":86581,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/19\/comments-invited-on-draft-bill-on-banning-of-unregulated-deposit-schemes-and-protection-of-depositors-interests-bill-2016\/","url_meta":{"origin":217164,"position":2},"title":"Comments invited on Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016","author":"Saba","date":"November 19, 2016","format":false,"excerpt":"The revised Draft \u201cBanning of Unregulated Deposit Schemes and Protection of Depositors\u2019 Interests Bill, 2016\u201d (Version 2.0), has been uploaded on the website of the Department of Financial Services (financialservices.gov.in) on 17th November, 2016 for public comments. Comments \/ inputs \/ suggestions on the Draft Bill, have been invited up\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":257672,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/24\/cryptocurrency-and-regulation-of-official-digital-currency-bill-2021-to-be-introduced-in-parliaments-winter-session-could-bar-private-cryptocurrencies-in-india\/","url_meta":{"origin":217164,"position":3},"title":"Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be introduced in Parliament\u2019s winter session; could bar private cryptocurrencies in India","author":"Editor","date":"November 24, 2021","format":false,"excerpt":"The Central Government has proposed to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session from November 29th, 2021. As per the announcement the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 shall seek to create a facilitative framework for creation of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/Cryptocurrency.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/Cryptocurrency.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/Cryptocurrency.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/Cryptocurrency.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/Cryptocurrency.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":254800,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/28\/cryptocurrency-in-india\/","url_meta":{"origin":217164,"position":4},"title":"Cryptocurrency in India: An Unregulated Safe Haven For Money Laundering?","author":"Editor","date":"September 28, 2021","format":false,"excerpt":"by Jai Anant Dehadrai\u2020 and Md Tasnimul Hassan\u2020\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/09\/MicrosoftTeams-image-119-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/09\/MicrosoftTeams-image-119-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/09\/MicrosoftTeams-image-119-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/09\/MicrosoftTeams-image-119-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/09\/MicrosoftTeams-image-119-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219620,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/16\/constitution-of-a-committee-of-experts-to-deliberate-on-data-governance-framework\/","url_meta":{"origin":217164,"position":5},"title":"Constitution of a Committee of Experts to deliberate on Data Governance Framework","author":"Bhumika Indulia","date":"September 16, 2019","format":false,"excerpt":"The Government had constituted a Committee of Experts under the Chairmanship of Justice B.N. 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