The crypto community in India can finally take a breath of relief, as recent reports suggest that it might now bring in an ordinance to put crypto regulations into effect. This comes as a piece of great news for over eight million investors in India who owns over $1 billion worth of cryptocurrencies. Earlier on January 29th, the government listed a bill in the Lok Sabha to ban all private cryptocurrencies.
Nischal Shetty, chief executive officer of WazirX said, “Cryptocurrency is a sunrise sector employing thousands of people in India. The regulation is the need of the hour, but a ban will set our economy back by a decade.”
After many debates and discussions in the crypto circle, through articles and social media posts over the past few days, the Indian Government has finally decided to take a legislative shortcut to pass a bill that will regulate digital currencies in the country.
The Bill to be Passed Within a Month
The government is planning to pass the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” within a month of clearance of the ordinance, states a CNBC-TV18 report on Friday. The Indian Prime Minister’s Office and Finance Ministry, and Cabinet Secretariat have already started working on the draft details of the ordinance.
After the news of the ordinance came out, Nischal Shetty, took it to Twitter and showed his support for the action saying,
“Bill to Regulate Crypto. Love to hear that. The Government of India might finally be on the path to positive crypto regulations. Besides that, the Cabinet nod yet to be given for the bill. So it’s early stages right now. Such a great start to the week!”
“Bill to Regulate Crypto”
Love to hear that. Government of India might finally be on the path to positive crypto regulations 🚀
Besides that, Cabinet nod yet to be given for the bill. So it’s early stages right now.
— Nischal (WazirX) ⚡️ (@NischalShetty) February 9, 2021
Previous Crypto Regulations in India
This is not the first time that the Indian Government has come up with a regulation that deals with the crypto industry in the country. Earlier in 2019, there was a bill that reportedly sought to ban cryptocurrency and criminalize its tradings and transactions in the nation. However, it was not introduced.