5 things you should know

There has been a popular boom Cryptocurrency In India, it is likely to grow even more in the coming year.The Indian government proposed a Regulation of Cryptocurrency and the Official Digital Currency Act, There will be some changes in the cryptocurrency situation at the 2021 parliamentary winter meeting, because it is not regulated, people are misled, scams, and opportunities for malicious use. We have listed here some of the main points of India’s proposed cryptocurrency bill of 2021.

Also, please read | 11 questions about Bitcoin in India answered

Disclaimer: The main points discussed below are based on speculation and drafts and may change. When the bill comes, we will update these points accordingly.

India’s Crypto Regulation Act of 2021

The government is seeking to regulate India’s crypto market. This will be accompanied by appropriate guidelines and regulations and a clearly defined framework. We will discuss some points that are expected to be part of the bill.

The bill will affect and change several aspects of cryptocurrency trading and its future in India.

Awareness and supervision of cryptocurrency

The central government’s draft will provide a framework for regulating the crypto market. The Securities and Exchange Commission of India (SEBI) will pay attention to this.

The draft discusses the volatility and degree of unregulation in the market, and many stable cryptocurrencies have not been made public. The bill will try to solve these problems and more.

This is a risky area and is not within a complete regulatory framework. No decision was made to ban its advertising. Take steps to raise awareness through RBI and SEBI.The government will introduce a bill soon“The Minister of Finance Nirmala Sitharaman discussed cryptocurrency at Rajya Sabha’s question time on November 30, 2021.

There will be regulations prohibiting and prohibiting misleading applications. Ads that spread misinformation through profitable promises will also be banned.

The future of crypto trading and holding

India may have a guideline Crypto exchange This will increase accountability and transparency, and these transactions will be supervised by SEBI.

The bill also recommends the regulation of cryptocurrencies, such as Bitcoin with Ethereum As an encrypted asset. The treatment of these assets may be similar to commodities. Individuals must disclose their encrypted assets to the government.

If they are stored in a private wallet, they must be transferred to exchanges and wallets regulated by SEBI.

Such declarations and transfers of encrypted assets may be measures to prevent malicious activities.However, this also implies that the government may prohibit the use of Private encrypted wallet And launched its own wallet to increase transparency, but this is still speculation.

It remains to be seen how these changes will affect NFT market In India, because they have also seen huge popularity.

Related articles | What is NFT? How do NFTs work and should you invest in them?

India’s own digital currency

The bill also aims to establish regulations and foundations to help introduce India’s own digital cryptocurrency to be issued by the Reserve Bank of India (RBI) in the future.

One thing is clear, the bill does not allow cryptocurrency to be used as legal tender for any type of payment or transaction, so you must first Sell ​​your cryptocurrency About communication. Maybe once we have established our own digital currency, we can use it for payment.

wrap up

This is all about India’s cryptocurrency bill of 2021. At present, the cryptocurrency atmosphere in India is very unregulated, but it shows hope for growth. It is said that it is the currency of the future, but its supervision is still essential. We hope that when the bill comes, its accompanying clauses will help promote the development of the crypto market while eliminating some of its shortcomings.

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