Cryptocurrency Bill: India To Go Ahead With Its Plan
If statistics are to be believed, approximately 7.90% of the population use cryptocurrency in India. In fact, according to the CREBACO (Credit Rating for Exchanges Blockchains and Coin Offerings) Indian crypto investments have reached to $10. Despite the involvement of a large population, the India government passed a crypto bill. Why is it passed and what impact will it have on the digital currency in India? To know more, keep reading.
Crypto Bill To Pass In Winter Session
The cryptocurrency bill came after multiple meetings between the government and the industry. According to the cryptocurrency bill, the government of India has planned to allow only a few cryptocurrencies to promote the technology and its uses. The Reserve Bank of India is planning to bring its own.
The cryptocurrency bill 2021, is the part of proposed Cryptocurrency and Regulation of Official Digital Currency Bill. In point of fact, the prime minister Narendra Modi said that it is essential for all the democratic countries to work on this matter before it ends ineffectively in wrong hands. Further, he stated that bitcoin is a complete hazard to the younger generation.
Yet another discussion about India’s future in crypto, the experts from CREBACO and WazirX came to a conclusion. According to which, a framework for the formation of digital currency that needs to be issued by the Reserve Bank of India.
Digital Currencies Drop After The Announcement Of The Bill
Soon after the cryptocurrency bill was announced, a sudden drop was seen in the value of digital currencies. To be more clear, WazirX the Indian exchange site saw an unbroken fall in bitcoin value for more than 13%.
If this bill gets passed in the parliament, it will ban Indians from using cryptocurrencies and making transactions. Approximately, 71% of Indians have no or zero trust on cryptocurrencies. However, over 50% of the Indians do not want cryptocurrencies to get legalized.
Takeaway
The government repeatedly assured that they are not going to ban all the cryptocurrencies in India. Only a few private coins will be regulated. The entire creation of the digital currency will be in such a manner that crypto will never go to the wrong hands. The only thing that India government is concerned about is the transaction happening in contrast to cryptocurrency, especially its part in the terror funding and hawala. To get rid of this, a strict mechanism will be formed to be traced by the law enforcement agencies.