What is the cryptocurrency bill 2021; How it will affect bitcoin investors.
Analysts predict that the new cryptocurrency bill could affect some existing investors who are already investing in private digital currencies such as bitcoin in the country.
The central government has finally announced that it will introduce a new cryptocurrency bill (Cryptocurrency and Regulation of Official Digital Currency Bill, 2021) in the ongoing budget process in Parliament. Finance Minister Nirmala Sitharaman said the Inter-Ministerial Committee (IMC) had recommended a ban on secret money in India, such as Bitcoin. In addition, the same committee sought to introduce a digital currency that would be well managed by the Reserve Bank of India.
FM (Finance Minister) Sitharaman told Rajya Sabha on February 9, "A high-level constitution led by the Secretary (Economics) to study financial matters and suggest specific steps to be taken in this matter" - the Inter-Ministerial Committee (IMC) suggested in the report its that all private equity funds will be banned in India without any tangible funds issued by the government.
Recently Finance Minister Anurag Thakur also announced in Parliament that the government would introduce a cryptocurrency bill as existing laws to deal with cryptocurrency issues are inadequate.
Recall that the Reserve Bank of India (RBI) in 2018 banned banks from continuing cryptocurrency-related transactions.
However, the Supreme Court lifted the ban on the decision made on March 4, 2020. Since then cryptocurrency has been operating in the country.
Now the RBI has also clarified that it is working on a digital version of the rupee, and the results were expected soon. A summary of the bill states that it seeks to create a simple digital monetary framework to be issued by the Reserve Bank of India.
How will India's new cryptocurrency bill affect bitcoin investors?
Analysts predict that the new cryptocurrency bill could affect some existing investors who have already invested in private currency such as bitcoin in the country. The reason for this is that if the institution complies with the recommendations of the Inter-Ministerial Committee (IMC) it will be restricting private money in the country which will obviously hurt the country's existing crypto investors. However, it is not yet clear whether the new law will include bitcoin or athorum under a list of unauthorized private cryptocurrensets.
There is also speculation that the proposed cryptocurrency bill could allow owners of such funds to exit the asset class before the expected ban but impose heavy penalties on its conversion into a legal asset.
Since the detailed provisions of the bill are not yet known, there is a lot of ambiguity that those who own bitcoins or other cryptocurrencies should sell them. According to official figures, nearly seven million Indians have cryptocurrencies worth more than $ 1 billion.
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