Bill 2021 in Parliament on Cryptocurrency and Official Digital Currency (Updates):
During the current Winter Session, the government will introduce the long-awaited ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ in Parliament. The bill could be introduced within the next few days. It is not on the Lok Sabha’s updated ‘List of Business’ for November 30, 2021. The crypto sector is looking for positive regulation that will allow investors and traders to invest and trade in cryptocurrency with certain limitations. Until now, there has been both positive and bad chatter about the Crypto Bill.
The Crypto Bill is one of many bills scheduled for introduction in Parliament during the Winter Session. The crypto market in India was thrown into chaos and fear last week when the phrasing of the description of cryptocurrency bill on the list was the same as previous year. The government’s aim to ban private cryptocurrencies was reiterated. However, there is still confusion about what the government means when it says “private cryptocurrency.” We’ll have to wait until the Cryptocurrency Bill 2021 is released into the public domain for complete clarification.
There are presently more than 11,000 cryptocurrencies traded across exchanges, according to Edul Patel, CEO and Co-Founder of crypto investment platform Mudrex. There is a misunderstanding about what the government intends when it refers to private cryptocurrencies. Bitcoin, Ether, and other cryptocurrencies are available on both controlled and decentralised markets. All of these cryptos, on the other hand, are produced by developers or companies, not by governments.
“The term private cryptocurrencies is intriguing because there has been talk of governments developing their own digital currency. CBDCs, or Central Bank Digital Currencies, are the name for these cryptocurrencies. It’s possible that these CBDCs may be categorised as public cryptocurrencies, while the rest will be classified as private cryptocurrencies. However, Patel told FE Online that it will be interesting to examine what falls under the category of private cryptocurrencies.