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.
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Prime Minister’s Concern
Prime Minister Narendra Modi had showed concern for cryptocurrency on Friday by saying that united efforts are required for managing global norms for cryptocurrencies and social media for assuring that democracy is being empowered and is not required to be under estimated at Summit for Democracy being headed by US President Joe Biden.
One basic concern with the regulation of cryptocurrency which has been the global concern these days, Indian legislation should be therefore crafted with wide consultation.
CBDC Regulation
CBDC should be covered in legislation is the basic concern of policy makers alongwith cryptocurrency’s legislation as this currency could be regulated by RBI Act and explains thinking of government. The Regulation of Offical Digital Currency Bill and Cryptocurrency, 2021 has been listed for the upcoming winter session of parliament. As the government had thought of reworking so although being listed in the last budgetary session, it couldn’t being introduced.
Highlights Of Crypto Bill
Few of the highlights of the draft bill had mentioned to involve the appointment of the Securities and Exchange Board Of India (SEBI) for taking care of cryptocurrencies as government take it under the head of financial assets. The other highlight was providing crypto holders an estimated final time for declaring their assets and thereby meeting new rules. Inspite of cryptocurrencies, crypto bill is more likely to use the term ‘crypto assets’ and 1.5 year jail term or even fine of 20 crore in case of violation of the rules mentioned in the crypto bill.
Crux
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.
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