More Changes to Happen in the Crypto Bill Before Passing it

Crypto bill

 Crypto bill

Crypto bill to undergo still more changes as the government doesn’t want to rush

The Indian crypto regulation bill is the most talked about everywhere across the globe for the past few months. The cryptocurrency bill has been listened to by the government for the winter session that began on November 29th but the finance minister, Nirmala Sitharaman told the Parliament that the government would bring in the legislation after the cabinet’s approval. The center was previously set to introduce it in the upcoming winter Parliament. But now the government is also reportedly planning to rename the crypto bill to widen its scope to the crypto assets including NFTs or non-fungible tokens too. The crypto bill seeks to prohibit all private cryptocurrencies. 

The government of India has been talking about the crypto bill as digital currencies are getting popular in India. According to the reports, more than two crore Indians have invested in these currencies even though they operate in a grey area. The Prime Minister of India, Narendra Modi also called for a united effort to shape the global norms for social media as well as for cryptocurrencies recently. 

On the other hand, crypto coins like Monero, Dash, and their likes will be banned in India since they close the information of transactions in order to provide privacy to the user. In all probability, the government sells these coins as private cryptocurrency. The most popular crypto coins like Ether, Bitcoin, Dogecoin, and Shiba Inu are public. Even though these cryptocurrencies allow users to pseudonyms, the transactions on the blockchain can be seen by anyone who has access to the blockchain.  

But the crypto bill is not likely to be passed into the Parliament in this session as the government doesn’t want to rush on the law. Let’s see the 10 points that are to be highlighted regarding the crypto bill. 

 

  1. The government is likely to make still more changes to the crypto bill. 
  2. The Center reportedly wants India’s crypto regulations to be in tandem with the global framework. 
  3. Crypto Asset Bill to allow cryptocurrency as an asset but not as currency 
  4. To establish a framework for distributed ledger technology and lay the foundation for the creation of official digital currency issued by RBI. 
  5. The bill seeks to reduce the financial stability risk 
  6. Penalty for violations by individuals and corporate bodies 
  7. Offenses may be punished with one and a half years and a fine of up to Rs 50 crore. 
  8. RBI will be a regulator of crypto and SEBI for crypto assets 
  9. May propose a ban on private cryptocurrencies in India or regulate them 
  10. The size of crypto assets in India is about Rs 45,000 crore with about 15 million investors.

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