1/ Thread - My Thoughts on the Indian parliament considering a cryptocurrency bill.
The possibility of the bill has been introduced in the recent Lok Sabha Bulletin.
#TryCrypto
The possibility of the bill has been introduced in the recent Lok Sabha Bulletin.
#TryCrypto
2/ The bill is currently in the introductory stage and it will pass through the official procedure of multiple approvals.
Just like any other bill, till it becomes a law.
Now, let's see what the proposed bill covers.
Just like any other bill, till it becomes a law.
Now, let's see what the proposed bill covers.
3/ The bill broadly covers that the RBI planning to launch its own Central Bank Digital Currencies (CBDCs),we received the first indication of it last week.
Second, the RBI is considering banning private cryptocurrencies barring few exceptions.
Second, the RBI is considering banning private cryptocurrencies barring few exceptions.
4/ Coming to CBDC first, this shows the Indian government is open towards integrating technological innovation at a large scale.
We have been noticing other developed nations are considering launching CBDCs as well.
We have been noticing other developed nations are considering launching CBDCs as well.
5/ RBI considering banning private cryptocurrencies is the second point.
Notable points are private and few exceptions.
While there is no official label of private cryptocurrencies recognized elsewhere, it is important what the bill will be classifying private as.
Notable points are private and few exceptions.
While there is no official label of private cryptocurrencies recognized elsewhere, it is important what the bill will be classifying private as.
Globally, cryptocurrencies such as #Bitcoin, #Ethereum are considered public cryptocurrencies because ot their open and public nature, where any participants can verify the transactions.
7/ During the period of Banking Ban (April 2018- March 2020), in official communication from RBI, private was deemed as Bitcoin and other public blockchains.
This was wrong classification.
This was wrong classification.
8/ There has been no clear communication, on public and private classification even today in the bill.
It must be explicitly covered.
It must be explicitly covered.
9/ We, along with other industry stakeholders are open to engage in dailogue in the government.
We are willing to detail out the right information, suggestions towards smart and sensible crypto regulations, etc.
We are willing to detail out the right information, suggestions towards smart and sensible crypto regulations, etc.
10/ Today, developed nations like the USA, etc. are engaging actively with crypto industry stakeholders and introducing open cryptocurrency regulations.
The Indian government can follow a similar process that would effectively benefit the whole economy in long run.
The Indian government can follow a similar process that would effectively benefit the whole economy in long run.
11/ source - loksabhadocs.nic.in/bull2mk/2021/2…
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