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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More from @NischalShetty

31 Jan
Day 822

A few scenarios of the crypto Bill:

1. It may not come up in this session of Parliament

2. It may come up but is referred to a standing committee

3. It may come up and is passed in its current form

Each scenario outcome described in tweets below.

#IndiaWantsCrypto
Scenario 1:

This is the best case scenario right now. Nothing changes, we continue to work towards positive crypto regulations.

We’ll need to push harder on educating our law makers about the pros of regulating crypto. India cannot miss this technology & value creation
Scenario 2:

I would consider this a good case scenario.

I’m confident that the standing committee will first hold discussions with the crypto stakeholders.

We’ll make sure we represent the 7 Million crypto holders of India and put the right points forward 💪
Read 5 tweets

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