The Supreme Court lifted the ban on cryptocurrencies in 2020.
New Delhi: Industry sources told NDTV. Cryptocurrency stakeholders have requested the regulation to check for corrupt practices and there is likely to be an amendment to the Bill, they added.
It was reported on Tuesday that the Center could introduce a Bill during the winter session of Parliament to ban all cryptocurrencies in India, with few exceptions, and create a framework for regulation. Digital currency issued by the Reserve Bank of India (RBI).
In response, all major cryptocurrencies saw a drop of around 15% and beyond, with Bitcoin down around 18.53%, Ethereum down 15.58% and Tether down 18.29%. .
But as news of the non-ban regulation broke, the market seemed to be stabilizing again.
First, India has had a hot and cold relationship with crypto, the RBI banned it in 2018 citing “serious concerns” about private cryptocurrencies.
The Supreme Court then lifted the ban in 2020 and now in 2021 negotiations between industry stakeholders and the Center to come up with a regulation that will bring corrupt practices into check.
According to the Cryptocurrency and Blockchain Asset Council, India holds around Rs 6 lakh crore of crypto assets.
Last week, the Financial Standing Committee, chaired by BJP member Jayant Sinha, met with representatives of cryptocurrency exchanges, blockchain and the Crypto Asset Council (BACC), and issued a statement. concluded that cryptocurrency should not be banned, but it should be regulated.
Delivering a keynote speech at the Sydney Dialogue on November 18, Prime Minister Narendra Modi called on all countries to ensure that cryptocurrencies do not “fall into the wrong hands”.
