Winter Session Might Not Provide Cryptocurrency Bill

The winter session of parliament might not introduce the cryptocurrency bill although the government is moving forward to accept the changes in the set cryptocurrency framework.

The basic topic of concern is to have wide consultation and to have reviews of the general public and to acknowledge about Central Bank Digital Currency(CBDC) to be introduced by Reserve Bank of India requires to be part of the bill or not or should be taken care off by the RBI Act.

Cryptocurrency having any sort of legislation should be considered with global framework which is still accepted and this was considered after various rounds of discussion had been done at higher levels.

It would be much preferable to wait and watch to see whether crypto is evolving globally effectively or not. Current rules and regulations would be considered by the government so as to ensure consumer protection and cryptocurrency transactions being taxed meanwhile.

Although cryptocurrency won’t be banned but the Crypto Bill would come out with fix rules and framework which has to be accepted and abided by everyone or failure of following the bill would result in serious fines and imprisonment as well. This would lead to safety of youth investing in cryptocurrency and would be for the betterment of interested individuals in cryptocurrency.