Cryptocurrency Bill 2021, Why Cryptos Need To Regularize?

DELHI, India - Dec. 17, 2021 - PRLog -- The Cryptocurrency Bill may not be introduced in the winter session as the government is considering changes to the framework. The issues being debated include the need for wider consultation and seeking comments from the public. Issues being discussed also includes whether CBDC needs to be a part of this bill or should be dealt with under the RBI act.

An official said that since cryptocurrencies regulation is still evolving globally, Indian legislation must not be rushed but crafted with wild consultation. The government could consider existing laws and regulations to consider consumer protection and taxing cryptocurrency transactions. In the meantime, the cryptocurrency and regulation of the Official Digital Bill, is listed for the ongoing winter session of the parliament. It was listed for the last budget session as well as could not be introduced, as the government decided to rework it.

Experts views on Cryptocurrency Bill

Narayan Rao described the current condition of Crypto. He said, "The world is moving fast with the investment in the crypto industry and blockchain technology why India is lagging. For the last two years, we are unable to provide the necessary framework to the industry. We must provide Working guidelines of taxation and code of conduct."

"Over 10 crore Indians have invested more than six lacs crore in cryptos. The government needs to come up with regulations otherwise investors will end up losing their investments and the government will lose taxes.

First Make in India Crypto

Ravinder Potdar announced the first Make in India Crypto by BIGH BULL TECHNOSOFT LLP. Throwing light on the issue he said, "We have studied the drawbacks of foreign cryptos. In our Indian cryptocurrency, buyers can send their money through a bank and locate both money transactions as well as crypto transactions. Crypto is the asset of the future and we have to cope up with this. Sooner the better."

What is the Government doing about it?

Earlier, PM Narendra Modi urged democratic nations to work together to halt the misuse of technological innovations like cryptocurrency while addressing the Sydney Dialogue on November 18. Modi mentioned in a tweet "All democratic nations must work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths,"

The government of India previously mentioned that PM Modi would take the final call regarding the regulatory framework for cryptocurrency in India.

Read full story: https://www.oneworldnews.com/cryptocurrency-bill-2021/