India To Set Cryptocurrency Bill This Monsoon

In the Monsoon Session which begins on July 19th, the federal government will be more likely to review Official Digital Forex Cryptocurrency and Regulation 2021 in Parliament.

Finance MMinister of India Nirmala Sitharaman/ Via

Union Finance Minister Nirmala Sitharaman earlier this week stated that they’ve achieved loads of work on the invoice and the Cupboard observe is prepared. She added that views, views and suggestions have been taken from stakeholders.

“We have now to see when the Cupboard can take it up and contemplate it in order that then we are able to transfer it,” she told The Hindu.

Meanwhile Minister of the Union for Parliamentary Affairs “Pralhada Joshi” stated earlier that in the course of the Monsoon session over twenty plus payments and five ordinances could be submitted.

During the financial session, the crypto-currency bill was listed as effective, however, because the sessions were truncated due to the deadly second wave of COVID-19

And here comes twitter to shower their opinions.

CEO of WazirX (One of the leading crypto exchange in India) Nischal Shetty shared his views on the regulation of cryptos.

Some facts and analytics:

According to an Analytics Perception study, Indians have invested around Rs. 49,189 crore (US$ 6.6 billion) in cryptocurrencies through May 2021, compared to US$ 923 million until April 2020 (a increase of over 6,600 percent or 6.6x).

India is ranked tenth out of 154 countries in terms of cryptocurrency usage and blockchain understanding, according to Chainalysis.

Furthermore, Coinbase, one of the most well-known cryptocurrency exchanges in the world, has announced its intention to expand its operations in India.

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