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The government is going to introduce National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021 and The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in this budget session.
The government will set up the Developmental and Financial Institution (DFI) to meet the financial requirements for the infrastructure projects in the country. The Cryptocurrency Bill, 2021 will provide the official digital currency. RBI was contemplating the need for a digital version of the fiat currency. Last year, the Supreme Court overturned the order of the RBI to ban cryptocurrencies in the country.
After becoming the law, all the other private cryptocurrencies will be prohibited with some exemptions to promote the underlying technology of cryptocurrency and its uses. The government is likely to make RBI and ED the regulators of the offenses related to the cryptocurrency bill. It will change the ambiguous scenario regarding cryptocurrencies whether they are illegal or legal.
The government is also planning to introduce The Pension Fund Regulatory and Development Authority (Amendment) Bill 2021 to provide universal pension coverage and also fulfilling the Budget Announcements 2019 to separate the NPS trust from PFRDA.