Cryptocurrency Bill 2021: New crypto bill to be introduced in Parliament after Cabinet approval
In India, the crypto business is expecting positive regulation that would allow for limited investment and trading in crypto assets.The crypto business got a boost on November 30 when Union Finance Minister Nirmala Sitharaman said that the government would propose the new Crypto Bill in Parliament following Cabinet approval.Unocoin’s CEO and Co-Founder, Sathvik Vishwanath, stated, “The bill’s prior form was quite severe on cryptocurrencies. So things can only get better from here. It appears that the administration is moving in the right way because it is spending time researching technology and regulations.”
Because the bill’s wordings were similar after the Lok Sabha bulletin was posted last Tuesday, it was widely assumed that the law due to be tabled in the winter session of Parliament would be the same as the one produced earlier. The bill “seeks to restrict any private cryptocurrencies in India,” but it makes “some exceptions to promote the underlying technology and its applications.”However, Moneycontrol previously revealed that the 2019 and 2021 bills have different names.
The ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Draft, 2019’ urged a blanket ban, however the current bill is titled ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.’ According to Sharan Nair, the Chief Business Officer of CoinSwitch Kuber, “This is an encouraging indicator. There would have been no need to alter the Bill if they intended to outlaw it; they would have simply done so. However, it appears that they are giving it more attention and looking for more intricacies. In addition, India has never enacted tech rules so quickly; typically, India enacts regulations considerably later. However, this was extremely quick and in line with other countries. As a result, it’s a plus.”
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