The Upcoming Cryptocurrency Bill In India Will Regulate Rather Than A Ban.

The Upcoming Cryptocurrency Bill In India Will Regulate Rather Than A Ban.

2021-11-25 | Selina Mathew

The Upcoming Cryptocurrency Bill In India Will Regulate Rather Than A Ban.

Industry sources informed NDTV that the new draught Cryptocurrency and Regulation of the Digital Digital Money Bill, 2021, includes unlimited regulation. Stakeholders in the cryptocurrency industry have requested legislation to combat corruption, and the Bill may be amended, according to them. The Centre may introduce a Bill in the winter session of Parliament to ban all cryptocurrencies in India, with a few exceptions, and create a digital currency regulatory framework issued by the Reserve Bank of India, according to a report released on Tuesday (RBI). As a result, all major digital currencies dropped by 15% or more, with Bitcoin plunging by 18.53 percent, Ethereum by 15.58 percent, and Tether by 18.29 percent. Markets appear to be stabilizing as regulatory issues, no restrictions, emerge. India has had a chilly relationship with cryptocurrency. The RBI had previously blocked it, citing "severe concerns" about confidentiality. The ban was then lifted by the Supreme Court by 2020, and by 2021, industry stakeholders and the Institute are working together to develop a regulation that would keep corrupt practices under control. According to Blockchain and the Crypto Assets Council, India holds crypto assets worth Rs. 6 lakh crore. Last week, the Standing Committee on Finance, led by BJP member Jayant Sinha, met with officials from the crypto, blockchain, and Crypto Assets Council (BACC), among others, and concluded that cryptocurrency should not be prohibited, but rather regulated. Prime Minister Narendra Modi, speaking at the Sydney Dialogue on November 18, urged all governments to ensure that Bitcoin "does not end up in the wrong hands." Over the last decade or so, secret digital currencies have grown in popularity. Regulators and governments, on the other hand, are wary of digital currencies and are concerned about the risks they entail. Recently, there has been an increase in the number of adverts promising a quick and large return on investment in cryptocurrencies, prompting concerns that that money is being used to deceive investors.

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