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06.12 - 14:09
Cryptocurrency | Virtual currencies are here to stay. Astute regulation is what is required
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The listing of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament was not unexpected given the statements made by the policy makers, and the growth of the industry. Policy makers have considered a range of options from a total prohibition on private cryptocurrencies to their recognition as a financial asset under the supervision of the regulator.
The Bill is anticipated to prohibit all private cryptocurrencies, but not the underlying technology, which can be used to improve the efficiency, and inclusiveness of the financial system. The crypto wave gripped India soon after the Supreme Court overturned the Reserve Bank of India (RBI) prohibition on cryptocurrencies. Thereafter, in a
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