Govt to release Crypto Bill soon
Nirmala Sitharaman has previously said that the Centre does not want to recognize Bitcoin as a legitimate currency. On Tuesday, Finance Minister Nirmala Sitharaman said that the possibility of bitcoin falling into the wrong hands is being closely watched. The Minister also indicated that there has been no decision to prohibit the promotion of digital currency in ads. Govt to release Crypto Bill soon
She also said that there have been considerable conversations about the regulatory capability of cryptocurrencies and that “we should wait for the Bill.” In her words, “There were additional aspects, and the old Bill had to be modified, and now we’re attempting to work on a new Bill.” In response to a series of queries in the Rajya Sabha, Ms Sitharaman said, “This Bill would be introduced into the House after it has been approved by the Cabinet.”
A similar Bill had been proposed by the government for consideration during the last Parliament session (during the monsoon), but it was not taken up. “There was obviously an effort made before to draught a Bill that might be considered by the house of representatives. But, subsequently, since a large number of factors had to be brought into play in a short period of time, we began working on a new Bill. This is the Bill that is now being submitted,” she said, adding that there had been a “sincere endeavor.” “even if it means bringing the Bill forward during the monsoon session. Govt to release Crypto Bill soon
In addition, the minister said that cryptocurrencies are uncontrolled in India and that the government does not gather information on cryptocurrency transactions. Ms Sitharaman also said that the government, the Reserve Bank of India, and the Securities and Exchange Board of India (Sebi) had been warning people about cryptocurrencies, which she described as a “high risk” field, and that “more can be done” to raise public awareness.
Ms Sitharaman, on Monday, had indicated that the Centre had no plan to acknowledge Bitcoin as a currency in the nation. Her remarks were followed by the statement that the government does not collect data on Bitcoin transactions. After receiving a recommendation from the Reserve Bank of India (RBI) to include digital money within the definition of a “bank note,” the government said that it would consider the idea. Govt to release Crypto Bill soon
The Reserve Bank of India (RBI) proposed the idea for Central Bank Digital Currency (CBDC) in October (CBDC).
CBDCs (digital or virtual currency) are essentially the digital versions of fiat currencies, such as the rupee in India, which is a fiat money. Meanwhile, the Reserve Bank of India has frequently expressed worry about cryptocurrencies’ potential to pose a threat to macroeconomic and financial stability.
Govt to release Crypto Bill soon
The Cryptocurrency and Official Digital Currency Bill 2021 is currently being debated in Parliament. During the current Winter Session of Parliament, the Government will present the long-awaited ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ into the House of Commons. It is possible that the Bill will be presented in the following days. It has been removed from the Lok Sabha’s updated ‘List of Business’ for the 30th of November, 2021. Meanwhile, Finance Minister Nirmala Sitharaman said in the Rajya Sabha today (November 30) that a new cryptocurrency law would be submitted in the House after clearance from the Cabinet of Ministers. Govt to release Crypto Bill soon
The cryptocurrency business is waiting for good legislation that may allow for the investment and trade of cryptocurrencies, subject to certain constraints. Up until now, there has been a mix of favorable and negative reactions to the Crypto Bill. The Crypto Bill is one of a slew of legislation that will be presented in Parliament during the Winter Session, and it is one of several that will be proposed. The bitcoin market in India was rocked last week by uncertainty and fear as the phrasing of the description of the cryptocurrency bill on the list was the same as it was the year before. https://digitaloptimizerharsh.com/is-it-possible-to-ban-cryptocurrency-completely/
It reaffirmed the government’s determination to prohibit private cryptocurrencies from being used. Until today, however, there has been disagreement about just what the government means when it refers to “private cryptocurrencies.” We will have to wait till the Cryptocurrency Bill 2021 is made public before we can have a comprehensive understanding of the situation. Govt to release Crypto Bill soon
According to Edul Patel, CEO and Co-founder of cryptocurrency investing platform Mudrex, there are already more than 11,000 cryptocurrencies that are traded on various exchanges at any one time. In terms of what the government means by private cryptocurrencies, there is some ambiguity in the information available.
Coins such as bitcoin, Ether, and other cryptocurrencies are accessible on both centralized and decentralized cryptocurrency exchanges. All of these cryptocurrencies, on the other hand, are the creation of developers or businesses, rather than governments. Govt to release Crypto Bill soon
“The phrase ‘private cryptocurrency’ is intriguing since there has been news of governments developing their own coin.” CBDCs, also known as Central Bank Digital Currencies, are cryptocurrencies that are issued by central banks.
It is possible that these CBDCs will be categorized as public cryptocurrencies and that all other cryptocurrencies will be categorized as private cryptocurrencies. “However, it would be fascinating to see what falls within the purview of private cryptocurrencies,” Patel said in an interview with the Financial Express Online.
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