Indian authorities are moving to ignite the crypto system, and in preparation for that, the country's government is preparing to impose a new and unfriendly crypto bill to regulate all private digital assets in the country.
To do so, the proposed bill will be presented to Parliament at the Winter session Winter which was scheduled to enter into force on November 29.
To easily select the bill among the other list, it is called “Cryptocurrency and the regulation of the Official Digital Currency Bill, 2021“.
As mentioned earlier, the new bill seeks to ban all cryptocurrencies that are considered private, meaning the government may only allow non-private crypto to operate in India.
But as of today, it is not entirely clear how the government understands or defines private cryptocurrencies, and on the other hand, major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others, but we don't know yet whether the bill will regulate them as well.
Read also: Ethereum Shows Positive Signs, and Why It Can Overtake Bitcoin?
India and its own cryptocurrency
As crypto traders ponder the matter, the CEO of Xerox Corporation WaZirX, Nishal Shetty Nischal Shetty His opinion with a brief explanation about generic encryption:
“It is hard to understand what the government means with private cryptocurrencies, Bitcoin, Ethereum, etc. are public cryptocurrencies built on public blockchain technology as well, and they have specific use cases.
They are required to implement smart contracts and write to the distributed ledger on which they are built. People can not use INR or USDT To pay fees on Bitcoin or the Ethereum blockchain.”
In addition, India along with the bill is planning to create a proper framework for its official digital currency which has not yet been issued by the Reserve Bank of India.
Also Read: US Senate Banking Committee Asks Stable Coin Issuers
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