Cryptocurrency and Official Digital Currency Bill 2021 in Parliament (Updates): The government will present the highly anticipated âCryptocurrency and Official Digital Currency Regulation Bill 2021â to Parliament during the current winter session. The bill could be tabled in the coming days. It is not on Lok Sabha’s revised âActivity Listâ for November 30, 2021. The crypto industry is awaiting positive regulation that could allow crypto investing and trading with certain restrictions. The buzz surrounding the Crypto Bill so far has been both positive and negative.
The Crypto Bill is one of many items on the list of bills that will be presented to Parliament in the winter session. Confusion and panic gripped the crypto market in India last week as the wording of the cryptocurrency bill description on the list was the same as last year. He reiterated the government’s intention to ban private cryptocurrencies. However, opinions are divided so far on what the government means by using the term private cryptocurrency. For clarity, we’ll have to wait until the 2021 Cryptocurrency Bill falls into the public domain.
According to Edul Patel, CEO and co-founder of crypto investment platform Mudrex, currently there are over 11,000 cryptocurrencies that are traded between exchanges. There is a lack of clarity as to what the government means by private cryptocurrencies. Cryptocurrencies like bitcoin, ether, and other cryptos are available on centralized and decentralized exchanges. However, all of these cryptos are created by developers or companies, not governments.
READ ALSO | Is it really possible to ban cryptocurrency completely in India? Check out experiences from other countries
âThe term private cryptocurrency is interesting because there was news about governments offering their own cryptocurrency. These cryptocurrencies are called CBDC or Central Bank Digital Currencies. It could be possible that these CBDCs are public cryptocurrencies and all others are classified as private cryptocurrencies. However, it will be interesting to see what falls under the realm of private cryptocurrencies, âPatel told FE Online.
Follow this space for all the buzz around the 2021 Cryptocurrency Bill (expectations, details, key points, expert suggestions for crypto investors in India and more …