While the government intends to introduce a new bill banning “all private cryptocurrencies in India” with “certain exceptions”, it has caused panic among crypto investors. The Cryptocurrency and Official Digital Currency Regulation Bill, 2021, is set to be introduced in the next winter session in Parliament.
The bill aims to “create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India”. It is also “seeking to ban all private cryptocurrencies in India.” However, it does allow certain exceptions to promote the âunderlying cryptocurrency technology and its usesâ.
Ashish Singhal, Founder and CEO of Coin Switch Kuber urged people not to lose their temper. âI am aware of the frenzy caused by the recent news around #Crypto. I urge you to stay calm &, as always, DYOR before you come to a hasty conclusion. Recent conversations with the government point to a phased approach and there is no concrete statement that claims otherwise, âSinghal tweeted.
I am aware of the frenzy caused by the breaking news around #Crypto. I urge you to stay calm &, as always, DYOR before you come to a hasty conclusion. Recent conversations with the government point to a phased approach and there is no concrete statement that claims otherwise.
– Ashish Singhal (CoinSwitch Kuber) (@ ashish343) 23 November 2021
Nikhil Kamath, co-founder of Zerodha and True Beacon, asked about what would happen to currencies already in circulation.
Is the Indian government banning cryptos?
What is already happening to everything that is circulating?
– Nikhil Kamath (@nikhilkamathcio) 23 November 2021
The new cryptocurrency bill, which so far has no regulations or bans in the country, has led to some chatter and memes on the internet. While some netizens lamented the proposed ban on private cryptocurrency, others shared sarcastic memes.
– Hritik Pawar (@ Hritikpawar9) 23 November 2021
– Vidit Trivedi (@CA_vidit) 23 November 2021
– Anupraj Meena (@Anupraj_meena) 23 November 2021
– ShaCasm (@MehdiShadan) November 24, 2021
– Byomkesh Bakshi (@byomkesbakshy) November 24, 2021
Akshay Kumar has already started preparations for a film on Crypto Currency pic.twitter.com/eN72vGII5K
– Godman Chikna (@Madan_Chikna) November 24, 2021
Crypto ban which pic.twitter.com/ActPJypBwF
– Diksha ð³ï¸âð (@BrahmaandKiMaa) 23 November 2021
– Amith Krishnan (@ AmithKrishnan7) 23 November 2021
– DR.STALINðî¨ (@StalinHRX) November 24, 2021
– Hrithik (@Ri_tweets_) November 24, 2021