Cryptocurrency Bill 2021 not to be Introduced today in Indian Parliament?
Cryptocurrency Bill 2021
The Cryptocurrency Bill and Regulation of Official Digital Currency Bill 2021 was not introduced in Parliament on Monday (November 29th, 2021).
The bill is also not likely to be introduced today (November 30) as it is not on the ‘Revised List of Business’ of Lok Sabha today.
Government’s view on Cryptocurrency Bill 2021
The Government will introduce the much-awaited ‘The Cryptocurrency Bill and Regulation of Official Digital Currency Bill 2021’ in Parliament during the ongoing Winter Session. The Bill may be introduced in the coming days. It is not on the revised ‘List of Business’ of the Lok Sabha for November 30, 2021. Meanwhile, Finance Minister Nirmala Sitharaman on Tuesday (November 30) said in Rajya Sabha that a new crypto bill will be introduced in the House after approval from the Cabinet.
The Crypto industry is awaiting a positive regulation that may permit investing and trading in crypto with certain restrictions. The buzz around the Cryptocurrency Bill till now has been both positive and negative. The Cryptocurrency Bill is one of the many items on the list of bills to be introduced in Parliament during the Winter Session. Last week, confusion and panic gripped the crypto market in India as the wordings of the description of cryptocurrency bills on the list were the same as last year. It repeated the Govt’s intention to ban private cryptocurrencies. However, opinions are divided till now as to what the government means by using the term private cryptocurrency. For full clarity, we will have to wait till Cryptocurrency Bill 2021 comes into the public domain.
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According to Edul Patel, CEO, and Co-founder of crypto investment platform Mudrex, currently, there are more than 11,000 cryptocurrencies that are traded across exchanges. There is a lack of clarity in terms of what the government means by private cryptocurrencies. Cryptocurrencies like bitcoin, Ether, and other cryptos are available across centralized and decentralized exchanges. However, all of these cryptos are created by developers or companies, and not by governments.
According to Edul Patel, CEO, and Co-founder of crypto investment platform Mudrex, currently, there are more than 11,000 cryptocurrencies that are traded across exchanges. There is a lack of clarity in terms of what the government means by private cryptocurrencies. Cryptocurrencies like bitcoin, Ether, and other cryptos are available across centralized and decentralized exchanges. However, all of these cryptos are created by developers or companies, and not by governments.
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