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Cryptocurrency Bill 2021, Why Cryptos Need To Regularize?

BIGH BULL launched 1st Make In India Cryptocurrency, shared important pointers on Cryptocurrency Bill 2021. Have a look.

The Cryptocurrency Bill 2021 may not be introduced in the winter session as the government is considering changes to the framework. The issues being debated include the need for wider consultation and seeking comments from the public. Issues being discussed also includes whether CBDC needs to be a part of this bill or should be dealt with under the RBI act.

An official said that since cryptocurrencies regulation is still evolving globally, Indian legislation must not be rushed but crafted with wild consultation. The government could consider existing laws and regulations to consider consumer protection and taxing cryptocurrency transactions. In the meantime, the cryptocurrency and regulation of the Official Digital Bill 2021, is listed for the ongoing winter session of the parliament. It was listed for the last budget session as well as could not be introduced, as the government decided to rework it.

Cryptocurrency Bill 2021
Parliament Enactment on Cryptocurrency Bill 2021.

While the cloud of uncertainty gathers on Cryptocurrency Bill 2021, panic mood keeps on growing inside the crypto industry, on the same ground Press Club of India, New Delhi organized a press conference on 15 December 2021 regarding Parliament Enactment on Cryptocurrency Bill 2021. The conference was enlightened by the experts’ views of Narayan Rao, Supreme Court Advocate, Vikram Bagga, Crypto Analyst, Ravinder Potdar, Founder & CEO at Bigh Bull Technosoft LLP, and A.N. Rao Supreme Court Advocate.

Cryptocurrency Bill 2021

Experts views on Cryptocurrency Bill 2021

Narayan Rao described the current condition of Crypto. He said, “The world is moving fast with the investment in the crypto industry and blockchain technology why India is lagging. For the last two years, we are unable to provide the necessary framework to the industry. We must provide Working guidelines of taxation and code of conduct.”

“Over 10 crore Indians have invested more than six lacs crore in cryptos. The government needs to come up with regulations otherwise investors will end up losing their investments and the government will lose taxes.

Guest Speaker Mr Vikram Bagga alerts the masses about risks and limits over investments. “Every person should understand the very origin of each crypto to ensure the profitable outcomes. It is also necessary to learn the basics of crypto to understand which crypto they should invest in,” said Mr Bagga.

Cryptocurrency Bill 2021

 First Make in India Crypto

Ravinder Potdar announced the first Make in India Crypto by BIGH BULL TECHNOSOFT LLP. Throwing light on the issue he said, “We have studied the drawbacks of foreign cryptos. In our Indian cryptocurrency, buyers can send their money through a bank and locate both money transactions as well as crypto transactions. Crypto is the asset of the future and we have to cope up with this. Sooner the better.”

 Cryptocurrency Bill 2021.

 What is the Government doing about it?

Earlier, PM Narendra Modi urged democratic nations to work together to halt the misuse of technological innovations like cryptocurrency while addressing the Sydney Dialogue on November 18. Modi mentioned in a tweet “All democratic nations must work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths,”

The government of India previously mentioned that PM Modi would take the final call regarding the regulatory framework for cryptocurrency in India.

“The popularity of cryptocurrency has led to scams and frauds. Directorate of Enforcement is investigating at least eight cases of cryptocurrency frauds” Said, The Finance Ministry in a reply to the Parliament on Monday, December 13.

Certainly, there are many things, which are yet to be cleared on Crypto assets. With the regulatory framework on Crypto, novice investors will also get a better understanding of this new asset as well as it will safeguard it from entanglement in any kind of the wrong investigation.

Feel free to share your views on Cryptocurrency Bill 2021.

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Ayushi Mittal

In her journey to become a journalist, Ayushi can inculcate your tale through her news writings. You may find her with a mike in protests, rallies, or in museums. So what's your story?
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