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Bill to regulate cryptocurrency among 26 legislations to be introduced in LS

Bill to regulate cryptocurrency among 26 legislations to be introduced in LS
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Dhirendra Kumar

New Delhi: As the Winter Session of the Parliament, which is beginning from November 29, is all set to start on stormy note over several contentious issues, including ordinance for extending the terms of chiefs of CBI and ED, Pegasus controversy, the government has listed 26 Bills for introduction and passage in the Lok Sabha.

Among the 26 legislations, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, the Central Vigilance Commission (Amendment) Bill, 2021, the Narcotic Drugs and Psychotic Substances (Amendment) Bill, 2021, Farm Laws Repeal Bill, 2021 are the key Bills that have been listed for the introduction and passage in the Lok Sabha.

As per the Lok Sabha secretariat, the Bill to regulate cryptocurrency would be introduced to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI) and the Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

The Central Vigilance Commission (Amendment) Bill, 2021 would be introduced to replace ordinance and amend the Central Vigilance Commission Act, 2003, while the Narcotic Drugs Bill would be introduced to amend the Narcotic Drugs and Psychotropic Substances Act, 1985.

The listing of the cryptocurrency Bill for introduction in Lok Sabha has come a week after the first-ever parliamentary panel discussion on issues related to crypto finance, where a consensus was reached that cryptocurrency cannot be stopped but must be regulated. The meeting of the standing committee on finance was chaired by former MoS Finance and BJP MP Jayant Sinha, who met representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders on November 16.

The others Bills that have been listed for the introduction are the Delhi Special Police Establishment (Amendment) Bill, 2021, which would be introduced to replace ordinance and amend the Delhi Special Police Establishment Act, 1946, the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021, which would be introduced to reform and speed up the disciplinary mechanism of the institutes.

The Insolvency and Bankruptcy (Second Amendment) Bill, 2021 would be introduced to further strengthen and streamline the Insolvency and Bankruptcy Code, 2016.

The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill, 2021 would be introduced to amend the High Court Judges (Salaries and Conditions of Service) Act, 1954 and the Supreme Court Judges (Salaries and Conditions of Service) Act, 1958.

The Farm Laws Repeal Bill, 2021 would be introduced to repeal the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Farmers (Empowerment and Protection) Agreement of Price Assurance, Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020.

Other Bills that are slated to be introduced include the Cantonment Bill, 2021, Inter-Services Organizations (Command, Control and Discipline) Bill, 2021, the Indian Antarctica Bill, 2021, the Emigration Bill, 2021, the Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021, the Banking Laws (Amendment) Bill, 2021, the Indian Maritime Fisheries Bill, 2021.

The National Dental Commission Bill, 2021 for setting up a National Dental Commission and to repeal the Dentists Act, 1948, the National Nursing Midwifery Commission Bill, 2021, the Metro Rail (Construction, Operation and Maintenance) Bill, 2021, the Electricity (Amendment) Bill, 2021, the Energy Conservation (Amendment) Bill, 2021, the National Transport University Bill, 2021, the Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill, 2021, the Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill, 2021, the Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill,2021, the National Anti Doping Bill, 2021 and the Mediation Bill, 2021 are also listed for the introduction.

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