India has the largest network of cryptocurrencies in the world and no regulatory measures have been undertaken by the government yet. In order to mend all the irregularities, a new cryptocurrency bill will be passed in the upcoming winter session of the parliament. While the news is depressing the credibility of cryptocurrencies of India; Industry experts come up with their opinion that a fresh draft of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 brings regulation not ban !
Now Indians Are In A Hot Cold Attitude With Cryptos
It was learnt on Tuesday that the Centre could bring a Bill in the winter session of Parliament to bar all cryptocurrencies in India, barring a few exceptions, and create a framework to regulate digital currency issued by the Reserve Bank of India. In response, all major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent.
But as the news of regulation, not ban, came out, markets seem to be stabilising. India has had a hot-cold relationship with crypto. The RBI had banned it in 2018 voicing “serious concerns” about private cryptocurrencies. Then the Supreme Court had lifted the ban in 2020 and now in 2021 negotiations are on between industry stakeholders and the Centre to bring in a regulation that will put corrupt practices to check.
Source : The frepress Journal
