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Bitcoin crosses $50,000 level, but what’s the future of cryptocurrencies in India?

Bitcoin, cryptocurrency, Tesla, MasterCard, Paypal, Microstrategy, Cryptocurrency and Regulation of Official Digital Currency Bill, cryptocurrency banThe Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is amongst the checklist of payments to be introduced in the Budget Session of Parliament.

Sustained curiosity from establishments – like Tesla, MasterCard, Paypal, Microstrategy – has pushed the Bitcoin’s value up. After leaping by $40,000 or 224 per cent final 12 months to cross the earlier all-time excessive stage of $24,000 in December 2020, Bitcoin continued its upward journey in 2021 and has crossed the $50,000 stage.

However, with none recognition and regulation in India, the future of cryptcurrencies continues to be unsure in the nation.

Although the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is amongst the checklist of payments to be introduced in the Budget Session of Parliament, but with none clue about the contents of the invoice, the uncertainty continues to be there.

So, there isn’t any readability on how this invoice would affect the cryptocurrencies and what could be the affect on buyers.

“I am optimistic that the government won’t outrightly ban cryptocurrencies. As per Minister of State for Finance and Corporate Affairs Anurag Thakur’s statement in Parliament, the bill is drawing upon Garg Committee’s IMC report titled “Banning of Cryptocurrency and regulation of official digital currency” in 2019. This has most likely been tweaked to be now referred to as “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. It’s fascinating to note that this time round, there’s no point out of a ban in the title of the invoice. The Minister has additionally added that their intention is to control crypto,” mentioned Nischal Shetty, CEO,WazirX.

Cryptocurrency: How different is it from other investments?

Talking on the affect on buyers, in case cryptocurrencies are banned once more in India, Shetty mentioned, “If the bill proposes a complete ban on crypto – however unlikely – the government has to come up with a path to help over 7 million people who currently hold assets worth over $1 billion, on how to reimburse them for this. Erasing such a large wealth would likely lead to an economic crisis in the country.”

“Recently, as an industry-wide initiative, we have started an email petition campaign where people can write through the link indiawantscrypto.net to the MPs of their constituencies urging them to regulate crypto. Over 15,000 emails have already been sent to local MPs,” he mentioned.

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