This is an important update regarding the Indian crypto bill that I am sharing with you today. Everyone knows that this winter session is going on inside our India crypto bill, inside which cryptocurrency will be regulated.
Update on Indian crypto bill?
All these things have been mentioned, and the bill is to be introduced here. Still, the Indian crypto bill has not been introduced yet in the winter session of 2021, and the winter session will also end on December 23rd, 2021, which means there are very few chances that our crypto bill will be introduced this time in this session.
Still, an important question-answer session has taken place inside the Lok Sabha, where questions have been asked regarding cryptocurrency regulation.
What question was been asked on the Indian crypto bill?
The Ministry of Finance has answered these questions. If we see the questions mentioned are whether the Government is ready for the regulatory framework for crypto coins, If it was ready, then why the delay? Is the Government aware of this thing? How many people in India invest in cryptocurrencies? Many such questions have been mentioned. Still, the answer is that two answers are answered, which is very interesting.
The first answer is that currently, cryptocurrency in India is unregulated. Therefore, the word “illegal” is not used in the Government’s current answer because the cryptocurrency in India is unregulated.
So, it is illegal for those who worry that it will be banned. There is nothing like that in the Government’s answer. The Government answers that cryptocurrency is unregulated, and work is being done for regulation.
And the second point given here is that the Government has no data regarding cryptocurrency transactions. The second answer is that the bill on cryptocurrency and regulation of official digital currency is being finalized for consideration by the Cabinet. That bill is being finalized for consideration inside the Cabinet.
Additionally, here are some other sets of questions that have been asked. So, the things that have been mentioned in it are What is the Government planning? The second answer is very important. Here it is given that IMC, the Inter-Ministerial Committee, submitted the report related to cryptocurrency in 2019.
To know more about this Crypto bill, you gotta check our short update article on it right now!
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Indian Government still planning and yet to draft Indian crypto bill
A regulatory draught was prepared regarding cryptocurrency, which I already discussed many times with you on my channel. So many things have been examined inside it. It has been checked. A new bill has been prepared by taking its reference.
One thing has been said again that it is under finalization for the consideration of the Cabinet. It is being financed for the consideration of the Cabinet, so this is a very important update.
The Government is finalizing the Indian crypto bill. There is going to be a discussion on it. Very important questions have been asked. There is no negative answer. You can also check the answers to those questions. So this was an important update for me regarding the cryptocurrency bill. Our cryptocurrency bill has not been introduced yet, but if it is introduced or if any next update comes about, I will share it with you all as soon as it gets out only at?
Summary
- This is a very important and urgent update regarding the crypto bill that I am sharing with you today: everyone knows that this winter session is going on inside our Indian crypto bill, inside which cryptocurrency will be regulated.
- Still, the bill has not been introduced yet in the winter session of 2021, and the winter session will also end on December 23rd, 2021, which means there are very few chances that our Indian crypto bill will be introduced this time in this session.
- Still, a very important question-answer session has taken place inside the Lok Sabha where questions have been asked regarding cryptocurrency regulation.
- The first answer is that currently, cryptocurrency in India is unregulated.
- The government’s answer is that cryptocurrency is unregulated and work is being done for regulation.
- And the second point given here is that the government has no data regarding cryptocurrency transactions.
- The second answer is that the bill on cryptocurrency and regulation of official digital currency is being finalised for consideration by the Cabinet.
- That bill is being finalised for consideration inside the Cabinet.
- A new bill has been prepared by taking its reference One thing has been said again that it is under finalisation for the consideration of the Cabinet.
- The government is finalising the Indian crypto bill, There is going to be a discussion on it.
