Even as the government is considering bringing a bill on cryptocurrencies in the ongoing winter session of Parliament which is likely to ban all private cryptocurrencies in India, Zerodha co-founder Nikhil Kamath asked on Twitter That’s what could happen for cryptocurrencies in the next decade.
Kamath tweeted, “I think the next decade will see a serious inverse correlation trade between gold and crypto, people can buy gold short crypto and vice versa, idea?”
Meanwhile, top sources have revealed that the government is unlikely to bring a bill on cryptocurrency in the ongoing winter session of Parliament, while also suggesting that whenever a bill is brought, it should be taken up for extensive consideration with stakeholders. Will be sent to the Parliamentary Standing Committee for consultation. ,
When listed in the government’s legislative business in the winter session, the bill seeks to “create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India”.
It also seeks to ban all private cryptocurrencies in India. However, it allows “certain exceptions to promote cryptocurrency and the technology underlying its use,” according to the bill listed to be introduced on the Lok Sabha website. Currently, there is no regulation or any restriction on the use of cryptocurrencies in the country.
This is in line with the RBI repeatedly reiterating its strong views against cryptocurrencies, saying they pose a serious threat to the country’s macroeconomic and financial stability and the number of investors trading them and their claims. Doubt the market value made.
RBI Governor Shaktikanta Das also reiterated his view against allowing cryptocurrencies earlier this month, saying they pose a serious threat to any financial system as they are unregulated by central banks.
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