If you are an Indian looking for a new crypto asset to invest in, play the waiting game. As for reason, the Central Government of India is likely to introduce Cryptocurrency and Regulation of Official Digital Currency Bill 2021.
The bill is being introduced for the following purposes:
- To develop a facilitative framework required for the creation of Digital Rupee, a centralized digital currency to introduce by RBI, the Reserve Bank of India.
- To prohibit all private cryptocurrencies in India.
This is something you must know before looking for a new crypto asset to invest in.
The Central Government of India is not taking such a step for the first time. Back in 2018, this fintech innovation has already been banned once by the government of India.
Mr. Arun Jaitley, then Finance Minister of India, said that cryptocurrencies and are not considered legal tender or coin by the government of India. All measures will be taken for the elimination of these crypto-assets in the finance of illegal activities or as a part of the payment system, said he.
The suggestion of a complete ban on cryptocurrencies and 10 years of jail time for offenders was also proposed.
This ban was imposed by the monetary policy regulator of India in 2018. The Supreme Court of India overturned this ban in March, 2020.
According to Mr. Subhash Chandra Garg, Former Finance Secretary, India, Cryptocurrency and Regulation of Official Digital Currency Bill 2021, allows the promotion of the underlying technology and its use cases to some extent.
It was to be introduced in the parliament this month. But its introduction in the parliament house has been delayed till the second week of March, 2021. As for the reason, the government had some key issues to address in the interest of the nation.
Keep coming back to our website as we will keep you updated about it. All crypto users in India are advised to stay positive and play the waiting game till the second of March, 2021.
In case you need detailed information about the impact of this bill on cryptocurrency, get in touch with our support team at any time.
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