Indian Government to Announce Bill to Possibly Regulate Cryptocurrency

Nov. 24, 2021

New Cryptocurrency Bill to Get Introduced in India

Following the announcement, major cryptocurrency prices dropped significantly. Bitcoin price dropped by 18.53%, Tether saw a drop by 18.29%, and Ethereum price dropped by 15.58%.

If you are worried about this, you should know that the government is most likely expected toban private cryptocurrencies. It means that public blockchain-based cryptos such as Bitcoin, Ethereum, and more might not be affected. It is revealed that the whole idea of the bill is to regulate crypto in India and avoid possible scams.

For those who don’t know, a large number of advertisements are being circulated that claim to offer a high return on crypto investments, but are mostly misleading. Plus, the bill is being introduced to ensure crypto isn’t being used in money laundering and terror financing. Proper regulation is intended to sort this out.

The new framework guidelines will be issued by the RBI. This comes after the Standing Committee on Finance (led by BJP member Jayant Sinha) recentlyhad a meetingwith the representatives of crypto exchanges, blockchain, and Crypto Assets Council (BACC) to discuss the idea of regulating cryptocurrency (not ban) in India.

Started off as a stranger but tech is more like a good friend, thanks to over 5 years in the industry. While everything is attractive about tech, phones, social media, and quirky gadgets attract me the most. When not working, I find my solace in shopping and everything that concerns doggos!