The Crypto Bill; which could regulate cryptocurrency trading in India, is scheduled to be introduced in the Parliament following Cabinet approval.
PM Modi said that the latest technologies, such as cryptocurrency, can strengthen democracy, not undermine it.
Politicians in India are concerned that unregulated transactions using digital currencies could harm the stability of financial and macroeconomic markets. While initially planning to ban cryptocurrency, the Modi government is now looking at laws to regulate the use of cryptocurrencies.
“We must … jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it,” PM Modi told a virtual summit hosted by US President Joe Biden.
There are 15 to 20 million crypto investors in India, and total cryptocurrency holdings around Rs. 40000 crore, as per estimates from the industry. The government doesn’t provide any official information.
In the past, Duvvuri Subbarao, the former Reserve Bank of India (RBI) governor, voiced his concern about cryptocurrencies. Subbarao stated that if they have legalized cryptocurrency; it could deprive central banks of their authority to supply money and manage inflation within the country. Subbarao made his remarks in a live webinar hosted by the National Stock Exchange (NSE) and; New York University (NYU) Stern School of Business this week.
The latest developments are in the context of India’s plan to ban cryptocurrency that is private within the country was announced as a topic to be debated during the current Winter session of Parliament in December.
This bill is expected to be introduced to the Indian parliament once it has received approval from the Union Cabinet.
Source: Gadgets360
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