bitcoin bill india: cryptocurrency bill news bitcoin investor options in india : What will happen to those who invest money in bitcoin? Will the money get stuck? understand everything
The Narendra Modi government is going to introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ to ban cryptocurrencies in the winter session of Parliament. There is no restriction or regulation regarding the use of cryptocurrencies in India at present. In such a situation, the question is now arising that what will happen to the investors who have invested in cryptocurrencies?
What will happen to those investing in crypto?
There are some exceptions to the cryptocurrency bill (The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021). That is, the government will also give a chance to the investors. According to sources, people can use cryptocurrencies like virtual currency like bitcoin to buy property abroad. Although it is not decided yet, but according to sources, the government will definitely give relief to the investors. BJP MP Jayant Sinha, chairman of Parliament’s Standing Committee on Finance, had said that several crypto exchanges together have 15 million KYC users and about $6 billion has been invested in it. According to an October report by research firm ChainAnalysis, India ranks second in terms of investment in crypto. Meanwhile, exchanges are pushing for a ban on cryptocurrencies rather than a complete ban on it.
All private cryptocurrencies may be banned in the country! Demand made in crypto bill
So you will get some discount too!
However, the proposed bill seeks to ban all types of private cryptocurrencies in India. However, there are exceptions to this, in order to encourage the use of cryptocurrencies related to technology and its use. The bill also seeks to create a framework for the creation of official digital currency to be issued by the Reserve Bank of India.
Will there be restrictions or rules?
In recent times, there have been a number of advertisements that promised substantial returns in investing in cryptocurrencies and also featured film personalities. In such a situation, concerns were being expressed about the promises misleading the investors. Last week, BJP MP Jayant Sinha, chairman of Parliament’s Standing Committee on Finance, met representatives of the Crypto Exchanges, Blockchain and Crypto Asset Council (BACC) and others and came to the conclusion that cryptocurrencies should not be banned. Rather it should be regulated. The Reserve Bank of India has repeatedly expressed its strong views against cryptocurrencies. RBI Governor Shaktikanta Das also expressed strong views against allowing cryptocurrencies earlier this month, saying it poses a serious threat to any financial system.
Is a complete ban on cryptocurrencies possible?
According to industry experts, technically it is not possible to ban cryptocurrencies like bitcoin. Even if the government bans the purchase of crypto with local currency, there is no way for them to virtually ban it. Crypto trading takes place online and is outside the purview of banks and the government.
SC has declared RBI’s ban illegal
When the RBI issued a circular prohibiting investment in cryptocurrencies, the Supreme Court held it illegal. However, a committee formed by the then Economic Affairs Secretary SC Garg government in its report had talked about banning cryptocurrencies.
In which countries cryptocurrency is banned
The Central Bank of China has declared all transactions related to cryptocurrency illegal. Along with this, it has also been said to take action against cryptocurrency trading. It has also said that it will ban foreign exchanges serving domestic investors. Apart from China, there are some other countries which have restrictions on cryptocurrencies or cryptocurrency payments. Among these, the names of Nigeria, Turkey, Bolivia, Ecuador, Algeria, Qatar, Bangladesh, Indonesia, Vietnam are prominent. Cryptocurrency is considered haram in Egypt under Sharia law, although it is not outright banned.
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