First & exclusive details of Crypto Bill to be tabled in Parliament after Cabinet approval

According to exclusive details of the draft Crypto Bill accessed by India Today, it proposes a general prohibition on all activities by individuals in mining, generating, holding, selling and dealing in issue, transfer, disposal of or use of cryptocurrency as a medium of exchange.

The Bill proposes to prohibit usage as a currency substitute or for any form of remittances. It also aims to minimise financial risk by fencing the formal financial sector from crypto assets.

The Bill is ready and is all set to be tabled in Parliament after the Cabinet approval.

Another key aspect that is being proposed in the draft bill is the framework for the creation of an official digital rupee by the Reserve Bank of India (RBI). Crypto assets will be regulated by the SEBI.

Any contravention of the proposed Bill will invite penalties by individuals or corporate bodies with cognisable offences that may be non-bailable. But anyone using the underlining technology for research or the purpose of experiments will be exempt from the proposed restrictions.