India May Narrow Crypto Industry – What to Expect

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CoinDCX, India and cryptocurrenices

India may narrow crypto business – India intends to propose a new cryptocurrency bill to parliament. Investors are trying to figure out what this might mean. What should we expect about the future of virtual coins in South Asia’s largest economy?

According to the executor of the Indian crypto exchange Zebpay, legislators should impose strict regulations on the crypto market. The country banning coins directly is unlikely. The director predicts companies will adopt consistent rules, albeit much stricter ones.

The November 23 parliamentary bulletin indicated that the government plans to introduce a new bill regulating digital currencies. Through the bill, India is trying to ban most private cryptocurrencies indirectly. Also, create a framework for creating the official digital currency issued by the Reserve Bank of India. However, according to the bulletin, this will allow some exceptions to help popularize the use of cryptocurrency.

The central bank is considering a digital Indian rupee, which should pilot in the second quarter of 2022. In recent months, the government’s position on cryptocurrencies has changed. This led to consultations with officials between various stakeholders, including crypto exchange operators. It is noteworthy that in March, India was considering a law under which cryptocurrencies would become illegal. Those who traded or had digital assets would receive a fine.

India Plans

It seems that New Delhi has changed its position slightly since then. Therefore, now the country is trying to prevent cryptocurrency trading by imposing taxes and gaining large amounts of capital. The Prime Minister noted that all democratic nations should work together on cryptocurrency to develop in the right direction and not spoil our youth. Zebpay officials believe that strict regulations may come to control these processes and not allow cryptocurrencies.

Potential regulations need to appeal to the needs of Indian retail investors. There are currently no official figures. However, media reports say there are between 15 million and 20 million crypto investors. Experts say many innovators are still waiting to enter the crypto market. With the introduction of regulation, this will be the main area where multi-billion dollar companies will be set up in India.

The Indian government should announce a new bill soon. How much the experts’ expectations will be met and what these changes will bring to crypto investors will probably be known shortly.

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