fbpx

Get the FREE Newsletter Now

Click Here

India to Regulate Private Cryptos through a New Bill On Nov 29

Indian authorities are on the move to ignite crypto regulation. Leading to this, the government of India is preparing to impose a new and unfriendly crypto bill to regulate all private digital assets in the country.To do this, the proposed bill will be presented to the parliament in the Winter session which has been scheduled to take effect on November 29. To easily identify the bill among other existing ones, it is dubbed the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’.As said earlier, the new bill seeks to ban all cryptos that are deemed private. This means that the government will probably allow only the non-private cryptos to operate in India. But as of today, it is very unclear how the government understands or defines private cryptocurrencies.Meanwhile, major cryptos like Bitcoin (BTC), Ethereum (ETH), and others are public cryptos, but we don’t know yet if the bill will regulate them as well. As crypto traders are contemplating on this matter, WaZirX CEO, Nischal Shetty has expressed his opinion with a brief explanation about public crypto.Furthermore, alongside the bill, India is planning to create a suitable framework for its yet-to-be-issued official digital currency by the Reserve Bank of India.Continue reading on CoinQuora
Spread the love

Indian authorities are on the move to ignite crypto regulation. Leading to this, the government of India is preparing to impose a new and unfriendly crypto bill to regulate all private digital assets in the country.

To do this, the proposed bill will be presented to the parliament in the Winter session which has been scheduled to take effect on November 29. To easily identify the bill among other existing ones, it is dubbed the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’.

As said earlier, the new bill seeks to ban all cryptos that are deemed private. This means that the government will probably allow only the non-private cryptos to operate in India. But as of today, it is very unclear how the government understands or defines private cryptocurrencies.

Meanwhile, major cryptos like Bitcoin (BTC), Ethereum (ETH), and others are public cryptos, but we don’t know yet if the bill will regulate them as well. As crypto traders are contemplating on this matter, WaZirX CEO, Nischal Shetty has expressed his opinion with a brief explanation about public crypto.

Furthermore, alongside the bill, India is planning to create a suitable framework for its yet-to-be-issued official digital currency by the Reserve Bank of India.

Continue reading on CoinQuora

This post was originally published on this site