Cryptocurrency Memes Trending As Government Proposed Crypto Bill Scares Investors

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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.

Nikhil Kamath, co-founder of Zerodha and True Beacon, asked about what would happen to currencies already in circulation.

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.



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