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The government has listed the cryptocurrency bill in its legislative business plan. The Cryptocurrency and regulation of official digital currency bill 2021 had been originally listed for discussion and passage in the budget session of the parliament earlier this year. The RBI examining the feasibility of launching its own central bank digital currency but is yet to decide on the possible date for launching a pilot project

The listing of the cryptocurrency bill comes on the backdrop of multiple meetings between the industry and the government to provide a framework for the use of the cryptocurrency in India. India has around 1.5 crore cryptocurrency uses with a total asset Value of more then $6 billion, according industry estimates. Private Cryptocurrency in India List is given below.

what are private cryptocurrencies

The Centre will introduce a cryptocurrency bill in the upcoming winter session of Parliament, along with announcing regulatory frameworks for digital currencies (CBDCs) issued by the RBI. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in the Lok Sabha in the winter session, scheduled to begin from November 29.

Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.

Cryptocurrency Bill, 2021

The Union Government will introduce a Bill to regulate cryptocurrency and ostensibly ban all private cryptocurrencies, along with 25 other pieces of legislation, in the winter session of Parliament that begins on November 29.The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is yet to be officially approved by the Cabinet, seeks to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 seeks to create a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). The bill seeks to ban all private cryptocurrencies in the country, but will allow certain exceptions to promote underlying technology and its uses.

Govt to introduce bill on Cryptocurrency ban in India

1. ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ aims to create a facilitative framework to create the official digital currency which will be issued by the Reserve Bank of India.

2. The bill will also seek to prohibit all the private cryptocurrencies in India. However, the Crypto bill or Cryptocurrency Bill, 2021 will allow certain exceptions for facilitating the underlying technology of cryptocurrency and its uses.

Why govt has decided to ban Cryptocurrency in India?

The meeting which was chaired by PM Modi on the way forward for Cryptocurrency and its uses strongly felt that the attempts of misleading the youth regarding Cryptocurrency must be immediately stopped.

The discussion was also held on the unregulated markets of Cryptocurrency that cannot be allowed to become the path for terror financing and money laundering.

The meeting on Cryptocurrency was an outcome of a consultative process. Previously, the Finance Ministry of India, Reserve Bank of India, and Home Affairs Ministry had already done an elaborate exercise on it, including the consulted experts from across India and the world.

Parliament Winter Session

The winter session of Parliament will commence from November 29, 2021, and the Central Government is planning of introducing new bills before being taken up for passage.

Apart from the 26 new bills, including a bill to ban Cryptocurrency in India, three bills that are referred to the Standing Committees, are also on the agenda of the Indian Government for consideration and passage.

Cryptocurrency Bill, 2021: Background

Crypto bill or ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, was not listed earlier among the 23 bills in the tentative list of the Indian Government’s legislative and financial business that was tabled in Lok Sabha during the Monsoon Session of Parliament.

Before that, Crypto Bill was also expected to be taken up during the Budget Session. However, it did not happen as the session was curtailed by the second wave of pandemic.

Private Cryptocurrency in India List

The below list of Cryptocurrency exchanges in India.

Belfrics

  • Launched in : 2014
  • Based Out of : Bengaluru / Kualalumpur
  • Founders : Praveen Kumar
  • Cryptocurrency : Bitcoin
  • Transaction Fee : 1%
  • Registration Time : Instant

Bitxoxo

  • Launched in : 2016
  • Based Out of : Warangal
  • Founders : Hesham Rehman and Mohammed Rezwan
  • Cryptocurrency : Bitcoin, Bitcoin Cash, Ethereum and Ripple
  • Transaction Fee : No Extra Charge, claims the company
  • Registration Time : Instant

BTCX India

  • Launched in : 2013
  • Based Out of : Hyderabad
  • Founders : Mupparaju Siva Kameswara Rao
  • Cryptocurrency : Bitcoin, Ethereum and Ripple
  • Transaction Fee : 1%
  • Registration Time : Within Hours

Buy UCoin

  • Launched in : 2016
  • Based Out of : Delhi
  • Founders : Atulya Bhatt, Devesh Aggrawal and Shivam Thakral
  • Cryptocurrency : Bitcoin, Ethereum, Litecion, Bitcoin Cash, Dash, Manero, Z-Cash, Factom. Lisk and Ripple
  • Transaction Fee : No extra fee, claims the company
  • Registration Time : 1- 24 Hours

Coinsecure

  • Launched in : 2014
  • Based Out of : Delhi
  • Founders : Benson Samuel and Mohit Kalra
  • Cryptocurrency : Bitcoin
  • Transaction Fee : 0.3 %
  • Registration Time : 84 hours

Coindelta

  • Launched in : 2017
  • Based Out of : Pune
  • Founders : Rajdeep Singh, Shubham Yadav and Manish
  • Cryptocurrency : Bitcoin, Bitcoin Cash, Ethereum and Ripple
  • Transaction Fee : 0.3 %
  • Registration Time : Instant

Coin Switch

  • Launched in : 2017
  • Based Out of : Bengaluru
  • Founders : Ashish Singhal, Govind Soni and Vimal Sagar Tiwari
  • Cryptocurrency : Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple
  • Transaction Fee : Depends on the Exchange a user select for the transaction
  • Registration Time : Instant

Flit Pay

  • Launched in : 2017
  • Based Out of : Jaipur
  • Founders : Ashish Sangai and Akash Bansal
  • Cryptocurrency : Bitcoin
  • Transaction Fee : No transaction fee, claims the company
  • Registration Time : With in 24 hours

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