Crypto Bill proposed in the Indian Parliament on 29 November

                      

 Crypto Bill proposed in the Indian Parliament on 29 November

India prepares to introduce a cryptocurrency bill during the winter session of the Indian Parliament on November 29. Its purpose is to regulate the crypto market.

In 2021, the news that there will be no complete ban on cryptocurrencies is cheering investors. The Standing Committee on Finance said that cryptocurrencies should be regulated and not banned. Officials say that investors can consider crypto as a financial asset.

Regulations will protect small investors. The bill could ban private cryptocurrencies and introduce its own central digital asset.

India does not have a good relationship with the crypto market. RBI opposed allowing cryptocurrencies in the country in 2018. In 2020, they lifted the ban but did not support crypto trading.

Bill on Crypto Use in India

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2020, which is due during the winter session on November 29, brings panic to crypto investors in India.

On November 29, the government will bring a law on the crypto market. A bill on the crypto sector will help promote crypto technology and bring in regulations. Sources say that its use as a legal tender will be banned.

At the Sydney Dialogue on 18 November, Prime Minister Narendra Modi urged countries to stop crypto from falling into the wrong hands. Many people in the crypto world use cryptocurrencies for money laundering, terror financing and for carrying out various illegal activities. The crypto market has no central regulation and does not reveal the identity of the user. Officials say it is very convenient for illegal activities.

RBI Governor Shaktikanta Das said that RBI may operationalize a digital currency by 2021. He says that more discussion on the crypto sector can bring clarity to its rules.

Experts speculate that the bill may ban private cryptocurrencies and not a complete ban on crypto trading. The underlying technology of cryptocurrency is here to stay, and some rules may go by. This will protect small investors who consider it a financial asset.

Benefits of cryptocurrency

Cryptocurrencies are grabbing headlines today with their different uses. The electronic transfer of money has made the use of cryptocurrency higher. It is cheaper and faster to make cross-border payments via crypto. Fiat currencies charge more and are slower.

Various corporates such as Visa and PayPal accept crypto tokens as a form of payment. Transactions are faster through crypto payments.

Fiat currencies fall under the control of the government, but developers control most of the cryptocurrencies. Privacy and security are some of the important features that most investors prefer, which are available in cryptocurrencies.

Although there are many security issues related to digital assets, cryptocurrencies play an important role in digital fintech. New investors enter the crypto realm, especially when they get the apps through PayPal and Visa, which they already have on their mobile phones.

Panic among Indian investors

Indian investors fear that the Indian government may ban cryptocurrencies. There are over 15 million crypto investors in India. His stake in crypto is over $5 billion.

However, the officials have made it clear that there will not be a total crypto ban, but there may be some rules in the upcoming Parliament session.

Experts suggest that investors should not sell their crypto investments in panic. Experts say the bill's proposal is not clear and investors should not sell in haste. Even if the ban is imposed, investors and traders will get time to sell their assets.

Many false claims of advertisements on television have misled new investors. Regulations may govern such false claims. Many cryptos entices consumers with currencies showing unusual profits. The sudden sharp jump in crypto prices has brought huge profits to many. But this sudden slide has made many people bankrupt.

Analysts say investors should avoid panic reactions. Exchanges reassure panicked customers about the bill. Regulations are necessary to bring positive flows in the crypto markets.

Bitcoin is the most popular crypto in India. The crypto market fell sharply on Tuesday and investors panicked selling. Crypto prices are pegged to the Indian Rupee, and the market prices fell by almost 20% before recovery on Wednesday.

Cryptocurrencies on the WazirX platform went down due to the uncertainty surrounding the crypto market in the country. Prices fell 15% to 20% on Tuesday. The crypto frenzy is taking hold in India, and new investors reacted in concern to their crypto investments.

On Wednesday, the price of bitcoins fell by almost 10% to Rs 40 lakh against the Indian currency.

 The domestic news in India is driving Bitcoin prices lower. Bitcoin in the foreign exchanges was down by only 0.3%. The number of sellers in the Indian market is higher with few buyers.

Bitcoin was trading at $58,547 on Thursday, November 25. BTC/USD reached life-high levels at $67.766 on November 8.

Ethereum prices trade at $4,460 on Thursday, November 25. ETH/USD touched life-high levels at $4,820 on Thursday, November 8.

However, smaller coins like the Doge have fallen lower to $0.2212 levels. Shiba Inu is at $0.00003881

In Hindi Article:- https://akbnews01.blogspot.com/2021/11/29.html

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