A new bill to regulate cryptocurrency trading will be introduced in the winter session of parliament amid various controversies.
Last year Cryptocurrency Condemns RBI circular on trade Cryptocurrency The Supreme Court also ordered the removal of the ban on trade.
Digital currency trading is becoming more popular among Indian investors, especially small investors, following a court order. Cryptocurrencies, including bitcoin, continue to grow.
With investors in mind, the Reserve Bank and market regulator SEBI have also expressed concern over the uncontrolled growth of cryptocurrencies in India.
Bitcoin is currently trading at $ 67,089. It has grown by 131 per cent in one year. Total crypto investments have reached $ 3 trillion. But the federal government took the initiative to bring in legislation to regulate crypto trading.
In its efforts, it has been in talks with industry experts.
Having already issued multiple warnings on the crypto trade, the government consulted to set serious limits.
Steps are being taken to introduce a new bill in this regard during the winter session of Parliament starting on November 29.
Accordingly, the federal government is likely to ban the use of cryptocurrencies for transactions or payments. At the same time, the Federal Reserve is expected to issue a new cryptocurrency as an alternative.
This bill is being developed under the name of Cryptocurrency and the Official Digital Currency Regulation Bill 2021. The bill is expected to bode well for the federal government to ban many of the private cryptocurrencies currently in use in India, as well as a plan to officially create a digital currency in India.
This is likely to be a measure of restraint as crypto companies are involved in trying to attract new investors.
It is also planned to promote the technology and applications of cryptocurrency.
Through these changes Cryptocurrency The crypto market is expected to operate in the same way as the stock market once the trading order is formalized.