Central Government of India is set to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in Parliament during the ongoing Winter Session. The bill seeks a ban on all private cryptocurrencies, which is almost like a dropped-bomb on crypto enthusiasts.

The Crypto Bill is one of the many items on the list of bills to be introduced in Parliament during the Winter Session. Last week, confusion and panic gripped the crypto market in India as the wordings of the description of cryptocurrency bill on the list was the same as last year. It repeated the Govt’s intention to ban private cryptocurrencies. However, opinions are divided till now as to what the government means by using the term private cryptocurrency. Full clarity will be gained when the Cryptocurrency Bill 2021 comes into the public domain.

Edul Patel, CEO and Co-founder of crypto investment platform Mudrex, says there is a lack of clarity in what the government means by private cryptocurrencies.

“The term private cryptocurrencies is interesting because there was news about governments coming up with their own cryptocurrency. These cryptocurrencies are known as CBDCs or Central Bank Digital Currencies. There could be a possibility that these CBDCs are public cryptocurrencies and all others be classified under private cryptocurrencies. However, it will be interesting to see what comes under the ambit of private cryptocurrencies,” Patel expressed.

Aside the major confusion, investors need to understand that this the bill is a proposal and will be up for discussion after it is introduced in the Parliament and the final draft can be completely different.



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