With the winter session of Parliament being officially underway, Subhash Garg, the former finance secretary who developed the Crypto Bill, has meaningful insights into what has happened since 2019. The description of the posted law – The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 – said that all private cryptocurrencies would be prohibited, which caused considerable concern among investors. I’m not sure whether Crypto Bill is coming any time soon, he says.
The bill has not yet been drafted. Because it has not been discussed by the Cabinet, he is skeptical that this law will be submitted. Despite the fact that the session is four to five weeks long, we must wait for the law to be introduced. He hopes it isn’t a major surprise, since from what we’ve heard, the government is most likely simply dealing with the monetary side of it. The crypto economy and services are becoming a much larger industry and economy. As a result, we must determine if it is possible to limit it to only one feature of the currency.
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Digital currency is a useful instrument for humanity. However, there are several concerns that must be addressed. Private entities should not be permitted to issue currencies. If you enable one private organization to issue currencies, another can issue more currencies or any other money, causing a dilemma.
This was the biggest problem with cryptocurrencies, and the government and the Reserve Bank of India are concerned about this new phenomenon. And I believe he is correct. In India, bitcoin cannot be used as currency, and the draught bill for 2019 is heavily focused on this. As an alternative to private digital currency, the law advocated the introduction of a digital rupee or currency.
