A cryptocurrency is a form of virtual asset based on a network that is scattered across a huge number of computers. It is a decentralized form that allows cryptocurrency to exist outside the control of the central government or authorities
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was introduced in the Lok Sabha. The bill seeks to create a favorable framework for the creation of digital currency that will be issued by the Reserve Bank Of India (RBI). . Cryptocurrency Bill: Here’s What The Ministry Of Finance Said On Crypto Bill In Parliament
The Cryptocurrency Bill was scheduled in the year 2021, in the Winter Session of the Parliament but it didn’t happen. However, in the current Lok Sabha session, the Ministry of Finance was questioned about the Bill. Cryptocurrency Bill: All Top Countries Where Crypto Is Legal, Illegal Or Restrict
ed
Cryptocurrency is a debatable topic ever since it was introduced. Some countries believe in the decentralized power of cryptocurrency and some don’t. The legal status of crypto is different from country to country.
Cryptocurrency is used anonymously to conduct transactions globally between account holders. This raises currency concerns for the governments of different countries. Some of the officials or legislators because of the lack of control and illicit ties may not support the use of cryptocurrency.
The question was raised as to: What is the current status of the Cryptocurrency Bill? When will it be tabled and be open for inputs? Which ministry/department will regulate the virtual assets like cryptocurrencies, non-fungible tokens (NFTs) , decentralized applications, real estate tokens and other assets.