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 “underlying cryptocurrency technology and its uses”.
Ashish Singhal, Founder and CEO of Coin Switch Kuber urged people not to lose their temper. “I 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, ”Singhal 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.
#cryptocurrency banned pic.twitter.com/4bbBHwDJQY
– Hritik Pawar (@ Hritikpawar9) 23 November 2021
#cryptocurrency apps that recently started their business in government: pic.twitter.com/0wLN8zRXwg
– Vidit Trivedi (@CA_vidit) 23 November 2021
Crypto Investors and Indian Government Applications. ??#cryptocurrency #WazirX # CryptoNews pic.twitter.com/x9dLRH826P
– Anupraj Meena (@Anupraj_meena) 23 November 2021
Investors after learning that the government decided to ban #cryptocurrency in India. pic.twitter.com/IAjiNKCbMj
– ShaCasm (@MehdiShadan) November 24, 2021
कैसे 😹😭😂 #cryptoban pic.twitter.com/0PTcvaKuEW
– 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 🏳️🌈 (@BrahmaandKiMaa) 23 November 2021
When you buy the dip and it sinks even more#Cryptoindia #cryptoban #cryptocurrency pic.twitter.com/uyhHQWqjSF
– Amith Krishnan (@ AmithKrishnan7) 23 November 2021
Cryptocurrency Holders Right Now 😁#cryptocurrency #cryptoban pic.twitter.com/LZNnxxGiCz
– DR.STALIN🚜 (@StalinHRX) November 24, 2021
#cryptoban
1.What crypto investors expect from the government
2.and what are they actually getting. pic.twitter.com/nlcMPqdKkK– Hrithik (@Ri_tweets_) November 24, 2021
