A bill on cryptocurrency is in work!
Yes.
A bill for regulating cryptocurrency is in the works, and RBI Governor Shaktikanta Das is among those who feel that the blockchain technology underpinning cryptocurrencies could exist on its own, even without the currency.
Top sources stated on Wednesday that the government is planning to introduce a bill on cryptocurrency during the current winter session of Parliament.
A bill For Regulating Cryptocurrency Is In The Works!
Top Sources revealed that any further step will be referred to the parliamentary standing committee for further discussion with stakeholders.
The bill, which was listed in the government’s legislative business of the winter session, seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”.
It 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”, according to the bill listed for an introduction on the Lok Sabha website.
Total Crypto Holdings In India
Do you know India has 15-20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees?
But yes, there are no official data regarding these holdings.
Currently, there is no regulation or ban on the use of cryptocurrencies in India.
As we all know, Prime Minister Narendra Modi met with senior officials last month to discuss cryptocurrencies, and there are signs that tough regulatory measures may be enacted to address the issue.
“Youth Does not end up in wrong hands, which can spoil our youth” – his first public comment on the subject.
Prime Minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency
RBI On Cryptocurrency
RBI also has often expressed worries about cryptocurrencies creating macroeconomic and financial stability risks.
“When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,”
Reserve Bank of India governor Shaktikanta Das said at a recent event.
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