Nirmala Sitharaman is going to approve the Cryptocurrency Bill very soon. Cryptocurrency is growing very fast in India. Now many people in India have started trading in cryptocurrency rapidly. The speed with which cryptocurrency trading is growing is a matter of concern for the government. The Union Cabinet is supposed to take up a bill to control cryptocurrency and its expanding market in India, Finance Minister Nirmala Sitharaman said on August 16, 2021. Finance Minister Nirmala Sitharaman said that the proposed legislation on cryptocurrencies has been postponed before the Cabinet and is awaiting its approval.
Nirmala Sitharaman is going to approve Cryptocurrency Bill very soon
Earlier in August, the finance ministry said, The government would take a decision on the advice of the IMC, and the legislative proposition, if any, would be introduced in the Parliament following the due process. The ministry added, The high-level committee suggested in its report that all private cryptocurrencies, except any cryptocurrency issued by the state, be banned in India.
It also quoted from the 2018-2019 Budget, It was announced in the Budget Speech for 2018-19 that the government does not consider crypto-currencies authorized tender or coin and will take all measures to reduce the use of these crypto-assets in financing illegal actions or as part of the payment system. The government will explore the use of blockchain technology to take charge of leading in the digital economy.
According to data from crypto markets, there are about 1.5 crore Indians who have invested in cryptocurrencies holding value Rs 15,000 crore, with more and more people starting to invest. There are 350 startups that operate in the blockchain and crypto space.
What is the Future of Cryptocurrency in India
After the Indian government banned cryptocurrency in 2018, there has been no difference in crypto trading here. Now people are more interested in investing in cryptocurrency. Now India is preparing to create its own cryptocurrency, to counter private virtual currencies. The delay in the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is being seen by the crypto community as a welcome sign. They believe the Government is finally taking cryptocurrency seriously and is not in a hurry to introduce rigid regulations. The investments in India’s cryptocurrency companies seem to be part of a larger trend of international investments in the country. Indian startups and companies have grown fantastic amounts of foreign funding. Investors are bullish on the Indian market, that would be good for India’s economy.
Should we Invest in CryptoCurrency?
Despite the lack of laws, Indians are accepting cryptocurrency. Since 2018, Indian administrators are confused about cryptocurrency. On May 31, the Reserve Bank of India asked banks to not reject banking services for people who dealt in cryptocurrencies. India still has no clear-cut stance on cryptocurrencies. Finance Minister Nirmala Sitharaman in March said that there won’t be a total prohibition on cryptocurrencies in the country. But the Centre plans on preceding the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will have the provisions that will establish the state of crypto tokens in India.
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