New Delhi: The cryptocurrency industry on Wednesday urged the government to take a nuanced approach to regulating crypto assets in India and asked investors in the country to remain calm and not jump to hasty conclusions, a day after the government issued a Listed to begin with. Bill to ban all such cryptocurrencies with few exceptions.
“The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” to be introduced in the Winter Session of Parliament beginning November 29, “To create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India The bill also seeks to ban all private cryptocurrencies in India, however, it allows for certain exceptions to promote cryptocurrency and the technology underlying its use”.
BuyUcoin CEO Shivam Thakral said that it is hoped that the bill will accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs and investors who have placed their faith in India’s crypto growth story.
“The crypto bill should be flexible enough for young blockchain projects to flourish and we strongly believe there is a strong case for a standardized procedure for new cryptocurrencies to be listed on any exchange in India for business.
Thakral said, “I anticipate that popular crypto-assets like bitcoin and ethereum will be pre-approved by the regulators to list on the exchange. We also request the government to give immediate clarity on the taxation and filing of crypto assets. “
Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said that the industry is actively engaging with all stakeholders, putting the safety of investors at the fore.
“Our discussions over the past few weeks indicate that a comprehensive agreement is in place to ensure that customers are secure, the stability of the financial system is strengthened and that India is able to take advantage of the crypto technology revolution… Till date, I urge all crypto asset investors. In order for the country to remain calm, do your own research before jumping to hasty conclusions,” said Singhal, Co-Chair of the Blockchain and Crypto Assets Council (BACC). are also.
A spokesperson for cryptocurrency exchange CoinDCX said that a well-evaluated and thoughtful regulation will pave the way for greater adoption of the technology and help millions of Indians adopt this new-age asset class.
OKEx.Com CEO Jay Hao said that India is home to the largest number of crypto owners in the world and the onus is on the government to protect the interests of a large number of crypto investors in the country.
Hao said, “We urge the government to take a nuanced approach to regulating crypto assets in India. With the positive outcome of the Cryptocurrency Bill, India will embark on an exciting journey to become a global leader in Crypto, DeFi and NFTs. “
Currently, there is no regulation or any restriction on the use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi held a meeting on cryptocurrencies with senior officials earlier this month, and there are indications that stronger regulatory steps may be taken to tackle the issue.
In recent days there has been an increase in the number of advertisements promising easy and high returns on investment in cryptocurrencies, even featuring movie stars, amid concerns about such currencies from investors. is being used to entice you with misleading claims.
Last week, the Standing Committee on Finance, headed by BJP member Jayant Sinha, met representatives of crypto exchanges and BACC, and came to the conclusion that cryptocurrencies should not be banned, but should be regulated.
RBI has repeatedly reiterated its strong views against cryptocurrencies, stating that they pose a serious threat to the country’s macroeconomic and financial stability and the number of investors trading on them as well as their claimed Doubt the market value as well.
RBI Governor Shaktikanta Das also reiterated his view against allowing cryptocurrencies, saying they pose a serious threat to any financial system as they are unregulated by central banks.
The RBI had announced its intention to come up with an official digital currency due to the proliferation of cryptocurrencies such as bitcoin, which the central bank had many concerns about.
Private Digital Currencies/Virtual Currencies/Cryptocurrencies have gained popularity over the past decade. Here, regulators and governments are skeptical about these currencies and are apprehensive about the associated risks. Read also: 54% do not want cryptocurrency to be legalized in India, favor taxation as foreign asset: Survey
On March 4, 2021, the Supreme Court quashed the RBI circular dated April 6, 2018, barring banks and entities regulated by it from providing services in respect of virtual currencies. Read also: PM Kisan Yojana: Center will soon release 10th installment, how to include names like this
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$('meta[name=keywords]').attr("content",$(this).children().find('.left-block').attr('data-keyword'));
$('meta[name=news_keywords]').attr("content",$(this).children().find('.left-block').attr('data-keyword'));
pSUPERFLY.virtualPage(prevLoc,$(this).children().find('.left-block').attr('data-title'));
//console.log("Summary: " + $(this).children().find('.left-block').attr('data-summary'));
//console.log("Keyword: " + $(this).children().find('.left-block').attr('data-keyword'));
//history.pushState('' ,'', prevLoc);
loadshare(prevLoc);
}
return false; // stops the iteration after the first one on screen
}
});
if(lastHeight + last.height() < $(document).scrollTop() + $(window).height()){
//console.log("**get");
url = $(next_selector).attr('href');
x=$(next_selector).attr('id');
//console.log("x:" + x);
//handle.autopager('load');
/*setTimeout(function(){
//twttr.widgets.load();
//loadDisqus(jQuery(this), disqus_identifier, disqus_url);
}, 6000);*/
}
//lastoff = last.offset();
//console.log("**" + lastoff + "**");
});
//$( ".content-area" ).click(function(event) {
// console.log(event.target.nodeName);
//});
/*$( ".comment-button" ).live("click", disqusToggle);
function disqusToggle() {
var id = $(this).attr("id");
$("#disqus_thread1" + id).toggle();
};*/
//$(".main-rhs2413273").theiaStickySidebar();
var prev_content_height = $(content_selector).height();
//$(function() {
var layout = $(content_selector);
var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);
,