Updated: November 25, 2021 10:50:51 am
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.
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.
— Ashish Singhal (CoinSwitch Kuber) (@ashish343) November 23, 2021
Nikhil Kamath, Co-Founder of Zerodha and True Beacon, raised a query regarding what will happen to currencies already on circulation.
Is the Indian govt banning cryptos?
What happens to everything in circulation already?
— Nikhil Kamath (@nikhilkamathcio) November 23, 2021
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.
— Hritik Pawar (@Hritikpawar9) November 23, 2021
— Vidit Trivedi (@CA_vidit) November 23, 2021
— Anupraj Meena (@Anupraj_meena) November 23, 2021
— ShaCasm (@MehdiShadan) November 24, 2021
— Byomkesh Bakshi (@byomkesbakshy) November 24, 2021
— Godman Chikna (@Madan_Chikna) November 24, 2021
Crypto ban who📊📈📉 pic.twitter.com/ActPJypBwF
— Diksha 🏳️🌈 (@BrahmaandKiMaa) November 23, 2021
— Amith Krishnan (@AmithKrishnan7) November 23, 2021
— DR.STALIN🚜 (@StalinHRX) November 24, 2021
— Hrithik 🕸 (@Ri_tweets_) November 24, 2021
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