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Wednesday, December 01, 2021

Cryptocurrency memes trend as govt’s proposed Crypto Bill scares investors

While some netizens lamented the proposed private cryptocurrency ban, some others have shared sarcastic memes.

By: Trends Desk | New Delhi |
Updated: November 25, 2021 10:50:51 am
crytocurrency ban, cryptoban, crypto in India, social media viral, indian expressNetizens share memes on Govt's proposal to introduce Bill banning private cryptocurrency

As the government intends to bring a new Bill prohibiting “all private cryptocurrencies in India” with “certain exceptions”, it has led to panic among crypto investors. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in the upcoming winter session in the Parliament.

The Bill seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. It also “seeks to prohibit all private cryptocurrencies in India”. However, it allows for certain exceptions to promote the “underlying technology of cryptocurrency and its uses”.

Ashish Singhal, Founder and CEO of Coin Switch Kuber urged people to not lose their cool. “I’m aware of the frenzy caused by recent news around #Crypto. I urge you to remain calm &, like always, DYOR before arriving at a rushed conclusion. Recent conversations w/ the Govt point towards a progressive approach & there is no concrete statement made which claims otherwise,” tweeted Singhal.

Nikhil Kamath, Co-Founder of Zerodha and True Beacon, raised a query regarding what will happen to currencies already on circulation.

The new Bill on cryptocurrency, which has no regulation or ban so far in the country, has led to chatter and memes on the internet. While some netizens lamented the proposed private cryptocurrency ban, some others have shared sarcastic memes.

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