Crypto investors in the country should remain calm, do their own research before arriving at a rushed conclusion. Investors should also wait for a government statement on this matter and not rely too much on information from secondary sources.
A large number of crypto users on Indian exchanges resorted to panic selling amid rumours of a proposed ban on cryptocurrencies through the upcoming crypto bill in Parliament. However, experts suggest that crypto investors should not resort to panic selling as nothing is known about the content of the proposed bill yet. They further say that Crypto investors in the country should remain calm, do their own research before arriving at a rushed conclusion. Investors should also wait for a government statement on this matter and not rely too much on information from secondary sources.
A bill to regulate cryptocurrencies in India is slated to be introduced in Parliament in the upcoming Winter Session. The bill is titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021”.
there is no change in the description of the bill listed for introduction in the Parliament previously. It continues to state: “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.
Considering the number of public discussions over crypto in the last 5-6 months and the Government’s statements on the need to regulate and not ban crypto, experts are surprised that there is no change in the description of the proposed bill to be introduced in the Parliament. Some even believe that it may be a clerical error as recently the Government has been of the view of regulating, not banning cryptocurrencies in India.
The description mentioned in the Lok Sabha Bulletin itself has many doubtful wordings. For instance, it mentions that the “Bill also seeks to prohibit all private cryptocurrencies in India.”