The Indian government is expected to introduce a new cryptocurrency bill in the winter. According to reports, the bill could ban cryptocurrency in India or introduce digital currency control measures.
- The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is now part of the other proposed bills that will join the session, scheduled to start on November 29th.
New Cryptocurrency Bill To Be Launched in India
After the announcement, large cryptocurrency prices dropped dramatically. The price of Bitcoin fell by 18.53%, Tether dropped by 18.29%, and the price of Ethereum dropped by 15.58%.
If you are concerned about this, you should know that the government is probably expected to ban confidential cryptocurrencies.
It means that public cryptos based on blockchains such as Bitcoin, Ethereum, and others may not be affected. It has been pointed out that the whole point of this bill is to regulate crypto in India and to prevent possible scams.
For those unfamiliar with it, a large number of ads are advertised claiming to offer high returns on crypto investment, but mostly misleading. Also, a bill was introduced to ensure that crypto is not used for money laundering and terrorist financing. Proper regulation is intended to correct this.
Guidelines for the new framework will be issued by the RBI [Reserve bank of india].
This comes after the Standing Committee on Finance (led by BJP member Jayant Sinha) recently held a meeting with representatives of the crypto, blockchain, and Crypto Assets Council (BACC) to discuss the idea of regulating cryptocurrency (not the ban) in India.
For those who do not know, many reports have spread in the past indicating a crypto ban in India.
Recall, back in 2018, India closed the cryptocurrency trade but eventually pulled it off. However, in this case, it may be more focused on managing to keep things secure for people who love cryptocurrency.
What do you think will happen? Do you have an active cryptocurrency investment? Share your thoughts in the comments below.
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