The Cryptocurrency and Official Digital Currency Regulation Bill 2021 has been introduced in Parliament. In India, the crypto business is expecting positive regulation that would allow for limited investment and trading in crypto assets.
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. Meanwhile, Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Tuesday (November 30) that a new crypto bill will be submitted in the House after Cabinet clearance.
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.