The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to ban all private cryptocurrencies while allowing certain use cases

Dear reader,

The Lok Sabha recently published a list of 26 Bills that the Indian government intends to pass during the Winter Session of Parliament beginning November 29. 🥶

Unsurprisingly, the list includes the long-awaited Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, and describes it as a proposal to ban all private cryptocurrencies with a few ‘exceptions’.

But before we get into the details to assess how things are shaping up, let us take a quick look at the key highlights of the week from the world of crypto.

  • ⚠️ Crypto Scams Mushrooming On WhatsApp: In the past four months, hundreds of crypto groups have been created to scam people by promising 100% returns every day. Most of these groups have the same modus operandi to lure unsuspecting users. In the first part of the series, Inc42 delves into the origin of these crypto frauds.
  • 🤔 Anand Mahindra And Crypto: Did Anand Mahindra ask everyone to hop on the crypto bandwagon? Has he really invested a lump sum into these digital assets? Fact-check here to stay updated.

Crypto In India: A Chaotic Journey, At Best 🎢

The Big Zero: On January 29, 2021, the Indian government first listed the Crypto Bill to introduce it during the Budget Session of Parliament.

As published by the Lok Sabha Bulletin, the Bill would “create a…

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