New Delhi: A bill to regulate cryptocurrency will be introduced in Parliament during the Winter Session starting November 29. Official Digital Currency The bill, 2021, is one of 26 cryptocurrency and regulation bills listed to be introduced.
It was agreed that cryptocurrency cannot be stopped, but must be regulated.
Misleading advertisements in the media about investor money security and investment prospects and risks Have happened. The government has held several meetings with all stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also chaired a high level meeting with various ministries and RBI officials on the issue.
Under the bill, crypto investors, dealers, app developers , All concerned parties including minor will come. Under the bill, the definition of cryptocurrency will be clear, i.e. what will and will not be in the field of crypto. This will bring clarity. It will also eliminate tax and regulatory confusion over crypto. Experts say that fixing the legal framework of cryptocurrency will stabilize the market and protect the interests of investors. However, the government and the Reserve Bank have already made it clear that they will not make crypto part of the payment system in any way. Cryptocurrency will not be accepted in any type of digital payment system.
A bill to regulate cryptocurrency will be introduced in Parliament during the winter session starting November 29. The authorized digital currency bill for cryptocurrency and regulation, 2021, is one of 26 bills listed for introduction. This comes a week after the first parliamentary panel discussed the broader structure of cryptocurrency, where it was agreed that cryptocurrency cannot be stopped, but must be regulated.
November 17 The Governor of the Reserve Bank of India (RBI), Shaktikant Das, while expressing concern over cryptocurrency, said that such virtual currencies are associated with deep concerns about the economic and financial stability of the country. Das’s statement came days after a meeting chaired by Prime Minister Narendra Modi on cryptocurrency. At that meeting, deep concerns were raised about the risks associated with cryptocurrency.
Whether crypto will be defined as a digital asset or as a commodity is still under consideration. The most popular cryptocurrencies in the world are Bitcoin and Ether. Along with the business, its ever-increasing value has also attracted the attention of investors.
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