The concept of decentralized digital finance is popular like never before. Most of the governments in the world are now making every possible effort to regulate this fintech innovation. Therefore, Indian crypto enthusiasts looking for new crypto assets to invest in are advised to play the waiting game for some time.
Actually, the Central Government of India is also taking strides towards introducing Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. This step taken by the Central Government of India has worried Indian crypto exchanges and investors.
It becomes important for every Indian looking for a new crypto asset to invest in to know some things in this regard and stay positive.
Some Reasons To Be Positive About Crypto Bill 2021:
- Unicas has launched the world’s first-ever physical crypto banking branch in India. It could not be possible without seeking permission from the Central Government of India in written. Unicas must have completed all the paperwork for this.
- RBI (The Reserve Bank of India) is planning the development and introduction of India’s own centralized & regulated digital currency named the DIGITAL Rupee.
- The government of India has a problem with digital currencies being addressed as currencies. But this fintech innovation does not worry the government as a tradable asset that much, says the IMC report 2019 by Mr. Subhash Chandra, Former Finance Secretary, Central Government of India.
- Government is still not fully clear about the definition of cryptocurrencies introduced by an individual or a business entity. This is the type of cryptocurrency Indian government is trying to ban.
- The government of India will not take the risk of banning this decentralized fintech innovation without discussion with industry specialists.
Therefore, the possibility of some kind of crypto regulation is reaching the next level instead of the complete ban. However, in case you are looking for new crypto asset to invest in, you are advised to play the waiting game and see what the Central Government of India has in store for you.
The bill is now expected to be introduced in the parliament during the second week of March, 2021. Therefore, stay positive!
Keep coming back to our website for seeking detailed information about it in the future.