There is a good news coming between banning cryptocurrency in India and putting it in the category of crime. The central government is looking to regulate cryptocurrency.
New Delhi. Cryptocurrency has been in the news for the last one year. While the crypto market on the one hand has a tremendous influence on the world. Trading in digital currency is very pleasing to the investors. On the other hand, Indian investors are confused. Uncertainty about the legitimacy of cryptocurrency in India has put investors in doldrums. Because on the one hand the government is going to bring a new and strict law regarding cryptocurrency, on the other hand it is considering bringing Indian cryptocurrency. However, a good news is coming between the ban on cryptocurrency in India and placing it in the category of crime. It is reported that the Central Government is thinking to regulate cryptocurrency. For its study, a new panel of special experts can be formed.
Panel will study on RBI’s digital currency
According to ET’s news, the new committee’s scope may be to explore the use of blockchain for technological enhancement and to suggest ways to regulate crypto as digital assets rather than currency. The committee can also be asked to study the methods of operating the proposed digital rupee of the Reserve Bank of India (RBI). The government is considering starting crypto afresh in India. However, they are still in the initial stage and no formal resolution has been passed yet.
Ministry of Finance is eyeing crypto trading
ET quoted a source as saying that the Finance Ministry is monitoring the cryptocurrency trading in the country. Also talking to stakeholders and experts on its potential risks. Let us know that earlier in this regard, Anurag Thakur, Minister of State for Finance and Corporate Affairs had met the members of the Crypto and Banking Industry Forum. It is reported that Anurag Thakur may also be a member in this new panel.
At the same time, quoting another source, it is expected that by the end of this month, the team of Finance Minister Nirmala Sitharaman will give information about the cryptocurrency market. Let us know that both Sitharaman and Thakur recently said publicly that the government wants to regulate and control cryptocurrencies instead of banning them.
The law was to be introduced in March
It was proposed to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the budget session of Parliament. The bill has a provision for banning private cryptocurrency as well as a regulatory framework for launching a new official digital currency. But the government is still discussing the bill with various stakeholders. That is why this bill could not be introduced in the budget session. Every dimension is being considered in detail under a lengthy process before introducing the bill. The report of the expert panel is followed by inter-ministerial discussion, cabinet secretary meeting and report submission of concerned people.
10 thousand crore investment in India
Looking at the huge earnings from investing in cryptocurrencies across the world, investors are growing rapidly in India also. The number of investors investing in cryptocurrencies in India has reached close to one crore. According to estimates, 10 thousand crore rupees ($ 1.36 billion) has been invested in various cryptocurrencies in India.
What is cryptocurrency?
Cryptocurrency is a type of virtual currency. Which is built on computer algorithms. It is operated via ID and password. There is no regulator. Apart from Bitcoin, there are many other cryptocurrencies in the world like Red Coin, Sia Coin, Voice Coin, DogCoin, Siba Inu, Sisquin and Monroe etc. It is not approved in most countries of the world. Let us know that in 2019, the government had prepared a bill to ban cryptocurrency and criminalize it. However, this bill could not be introduced in Parliament.
