The Central government has finally revealed that it will bring a new bill on cryptocurrencies (The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021) in the ongoing Budget session in the Parliament. Finance Minister Nirmala Sitharaman has said that an inter-ministerial committee (IMC) has suggested a ban on private cryptocurrencies in India, like Bitcoin, in India.
They are going to release their own official cryptocurrency by the reserve bank of India.
"A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by the state, will be prohibited in India," FM Sitharaman said in Rajya Sabha on February 9.
Recently, Minister of State for Finance Anurag Thakur in the Parliament also informed that the government would bring a bill on cryptocurrencies as the existing laws are inadequate to deal with the issues concerning cryptocurrencies.
RBI are also working on preparing a new virtual or digital rupee and it will be soon released in market with a big Boom for the development of India in the cryptocurrency market.Which will be a challenge for all other country and a big development for India all around the world in crypto market.
A summary of the bill stated that it sought to "create a facilitative framework for the creation of the digital currency to be issued by the Reserve Bank of India".
The Important update in this is their can be a ban for the best or top 2 cryptocurrency in India which can bring a great impact in crypto market.
Effect of Bill on Cryptocurrency Investor:
The Bill can bring great Impact on Bitcoin and Ethereum investors.
Analysts have speculated that the new cryptocurrency bill might impact some existing investors who are already investing in private digital currencies like bitcoin in the country. This is because if the Centre goes by the recommendation of the Inter-Ministerial Committee (IMC) then private cryptocurrencies will be banned in the country which will understandably cause a loss to the existing crypto investors of the country. However, it is still not clear if the new legislation will include Bitcoin or Ethereum under the list of banned private cryptocurrencies.
Since the detailed provisions of the bill are not yet known, so there's a lot of ambiguity whether those holding Bitcoins or other cryptocurrencies should sell them or not. As per the official estimates, around seventy lakh Indians hold cryptocurrencies worth more than $1 billion.
Wait for the UPDATE GUYS.
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