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Indian Government to Submit Bill Prohibiting “All Private Cryptocurrency Assets” with “certain Exceptions” | Today Nation News

TechnologyIndian Government to Submit Bill Prohibiting "All Private Cryptocurrency...

India plans to submit, evaluate and enforce a bill banning “all private crypto assets (cryptocurrencies)” in the country, according to the legislative agenda for the winter session.

The Government of India said on the night of November 23, local time, that the proposed law would allow “certain exceptions” to promote the technology underlying crypto assets and its applications.

The bill is called the “Cryptocurrency & Regulation of Official Digital Currency Bill 2021” and will also build a “promoting framework” for the creation of the country’s official digital currency, the legislative agenda adds.

It should be pointed out that the explanation of this bill is the same as that given in New Delhi last session. The winter session of the Diet begins on November 29th.

The Indian parliament has been discussing the risks of cryptocurrency trading for several quarters and is trying out central government-backed digital currencies.

Many Indians who have never invested in the stock market or other asset classes have begun trading crypto assets in the last few quarters, and some may lose their assets. There is widespread concern.

Since the beginning of 2021, the crypto asset exchange in the country has increased the volume of transactions and the number of users, raising record funds from prominent investors. CoinDCX backed by B Capital and CoinSwitch Kuber backed by a16z and Coinbase Ventures became unicorns in 2021.

Several lawmakers and industry insiders, including India‘s Prime Minister Narendra Modi, have recently met several times to discuss the crypto asset sector and recent developments.

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India has innovated after at least one Indian minister recently met with a prominent venture capitalist and China decided to ban the trading and mining of crypto assets, according to sources familiar with the matter. It was suggested that there is a possibility of enacting a law to support.

On the other hand, many lawmakers are also concerned about the nature of the advertisements posted on cryptocurrency exchanges. At the meeting, TechCrunch said that these “irresponsible ads”, which promise consumers absurd profits by investing in crypto assets, are misleading to young people in the country and must be stopped. Reported earlier.

Bollywood has appeared in several of the country’s largest blockbusters, including legendary Amitabh Bachchan, Ayushmann Khurrana, and Ranveer Singh. Stars are promoting crypto asset transactions in TV and newspaper advertisements.

Lawmakers are also concerned about the potential misuse of cryptocurrency tools for money laundering and terrorist financing.

Shaktikanta Da, Governor of the Reserve Bank of India (RBI), the Reserve Bank of India, said the issue of crypto assets needs to be discussed in more depth first.

“When central banks have serious concerns in terms of macroeconomics and financial stability, there are far deeper issues,” Das said at an event. “We have not yet seen a serious and informed discussion of these issues in public.”

Image Credit: Getty Images

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(Sentence: Manish Singh, Translation: Aya Nakazato)

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