One of the 26 bills listed for this year's winter session, which is to begin on November 29, is The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
It is being stated that the bill seeks to ban cryptocurrencies, barring a few and and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI).
This speculation led to a major crash in the cryptocurrency market. All major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent.
The RBI had previously voiced serious concerns regarding private cryptocurrencies, which operate without any regulations.
Last week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, blockchain and Crypto Assets Council (BACC). They arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated.