Govt likely to introduce bill to create official digital currency, regulate cryptocurrencies
The bill named ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021′ might be launched within the Parliament for consideration and passing by the federal government.
The authorities’s transfer to create its personal digital forex comes as international locations like China have accelerated their plans to launch digital variations of their very own currencies. China has been engaged on a digital yuan for over 5 years and is taken into account to be forward within the race for digital sovereign forex.
“The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the bulletin stated.
The authorities’s transfer to move a bill associated to cryptocurrencies additionally comes amidst rising participation of Indian retail buyers in cryptocurrency buying and selling within the nation.
“Our trading volumes grew over 1,000 per cent last year. User sign-ups grew four to five times. The number of new people signing up almost doubled every two-to-three months,” Nischal Shetty, founding father of cryptocurrency change Wazir X had instructed ETMarkets.com in a
recent interview.
Cryptocurrency buying and selling has seen a pointy revival as the costs of the Bitcoin soared over 700 per cent from April together with different cryptocurrencies which have risen much more.
In March 2020, the Supreme Court had quashed a Reserve Bank of India ban on cryptocurrency in India by means of use of the banking system to make transactions.
