Crypto industry urges govt to take nuanced approach, asks investors to remain calm. Cryptocurrency industry appeals to investors to remain calm, urges the government to take steps keeping in mind all aspects

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Crypto industry urges govt to take nuanced approach, asks investors to remain calm

Highlights

  • The proposed bill seeks to ban all types of private cryptocurrencies in India.
  • There is no restriction or regulation regarding the use of cryptocurrencies in India at present.
  • The industry is actively engaging with all stakeholders keeping the safety of the investors at the fore.

New Delhi. The virtual currency cryptocurrency industry on Wednesday appealed to the government to take a holistic approach to regulate crypto assets in India. Industry stalwarts have also urged investors in the country to remain calm and not jump to any hasty conclusions. The government is likely to introduce a cryptocurrency-related bill in the winter session of Parliament. It seeks to ban private cryptocurrencies and create a framework for regulating digital currency issued by the Reserve Bank.

According to the Bulletin of the Lok Sabha, the Cryptocurrency and Official Digital Currency Regulation Bill 2021 is listed in the list of bills to be introduced in the lower house during the winter session of Parliament. The bill seeks to create a supporting framework for the creation of an official digital currency issued by the Reserve Bank of India. The proposed bill seeks to ban all types of private cryptocurrencies in India. However, there are exceptions to this, in order to encourage the use of cryptocurrencies related to technology and its use. There is no restriction or regulation regarding the use of cryptocurrencies in India at present.

Buy-UCoin CEO Shivam Thakral said that the company hopes that the bill will take into account the aspirations of Indian crypto holders, Indian crypto entrepreneurs and investors who have placed their faith in the growth of crypto currency in India. He added that the crypto bill should have enough flexibility for new blockchain projects to flourish and we believe that there should be a standard procedure for new cryptocurrencies to be listed on any exchange in India for business. Thakral said that I think popular crypto assets like bitcoin and ethereum will be pre-approved by the regulators to be listed on the exchange. We also request the government to immediately clarify the position on the taxation and filing of crypto assets.

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said that the industry is actively engaging with all stakeholders, putting the safety of investors at the fore. Our discussions over the past few weeks indicate that there is a broad consensus on ensuring the safety of customers, the stability of the financial system has been strengthened and that India is able to take advantage of the crypto technology revolution, he added. Singhal, Co-Chairman, Blockchain and Crypto Assets Council (BACC), said, “At this time, I urge all crypto asset investors in the country to remain calm, do their research before jumping to any conclusions out of panic.

OKEx.com CEO Jay Haw said that India has the largest number of crypto holders in the world and the onus is on the government to protect the interests of so many crypto investors in the country. We urge the government to take a nuanced approach to regulating crypto assets in India, he added. With the positive outcome of the Cryptocurrency Bill, India will embark on an exciting journey to become a global leader in Crypto, DeFi (Decentralized Finance) and NFT (Non Fungible Tokens).

There is no restriction or regulation regarding the use of cryptocurrencies in India at present. It was against this background that Prime Minister Narendra Modi held a meeting with senior officials on cryptocurrencies earlier this month and indicated that strict regulatory measures would be taken to tackle the issue. In recent times, there have been a number of advertisements that promised substantial returns in investing in cryptocurrencies and also featured film personalities. In such a situation, concerns were being expressed about the promises misleading the investors.

Last week, BJP MP Jayant Sinha, chairman of Parliament’s Standing Committee on Finance, met representatives of crypto exchanges, Blockchain and Crypto Asset Council (BACC) and others and came to the conclusion that cryptocurrencies should not be banned. Rather it should be regulated. The Reserve Bank of India has repeatedly expressed its strong views against cryptocurrencies. RBI Governor Shaktikanta Das also expressed strong views against allowing cryptocurrencies earlier this month, saying it poses a serious threat to the financial system.

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