Thread by @NischalShetty

There’s a possibility of a new cryptocurrency bill being introduced in Parliament.

It’s aimed at:

1. Helping RBI create its own CBDC

2. Ban private cryptocurrency with some exceptions

Few thoughts below:

There’s no such thing as a “private cryptocurrency”.

Crypto by their very nature are decentralised and public.

I hope this is with respect to “currency” usage and they’re focusing on that.

Attacking digital assets by confusing them to be INR competitors wud be amateurish

A country as large as India should at least work on understanding the underlying terminologies before presenting Technology related bills in Parliament.

Seems like a hurried move.

If done wrong, this can potentially destroy lot of value held by the general public.

Let’s hope this is a precursor to positive crypto regulations

Just because a bill is presented doesn’t mean it’ll be cleared

We have leaders who are technologically capable & they’ll definitely raise issues around this

Looking forward to a healthy debate if this is presented

As an innovative community and industry, all of us should ensure we are vocal about Crypto and how it should be regulated.

Wrong or hasty regulations will set us back by a decade.

Right regulations will catapult India to the forefront of this technology.

Jai Hind 🇮🇳

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