What Do Experts Think of the Indian Crypto Bill?
In January 2021, the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 was presented in India’s Parliament.
A part of the bill reads –
“To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”
No one really knows when will this cryptocurrency bill be presented, but it seems that the Government is planning to ban all PRIVATE digital currencies in India and simultaneously announce a sovereign virtual currency anytime soon.
However, the Finance Minister of India, Nirmala Sitharaman, has shared an important sign for the crypto community in India in a live session on CNBC TV18.
She made a comment expressing,
“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. it is not as if we are going to look inwards and say we are not going to have any of this. There will be a very calibrated position.”
From lifting the bank in 2020 to banning the trading cryptocurrency again, we have seen a lot. And, the recent remarks from Nirmala Sitharaman has stirred this discussion even more. Let’s see what industry experts have to share in this regard.
Sumit Gupta – Co-Founder and CEO at CoinDCX
CoinDCX’s Sumit Gupta is one of the major figures when it comes to cryptocurrency. Ever since the news for the upcoming crypto bill started doing rounds over the internet, Sumit Gupta is seen sharing his thoughts on why India should open doors for cryptocurrency regulations during his live sessions.
The post on his LinkedIn wall sums it well.
Sidharth Sogani – CEO at CREBACO Global Inc
Sidharth Sogani is a crypto and blockchain market researcher who was seen sharing a post on his LinkedIn wall telling that he, with his team, has been working to build a regulatory framework to help the Indian government regulate this ecosystem.
The post describes that he has a positive view of crypto in India and that it needs not to be banned but regulated.
Shobhit Goyal – Founder at Confluent
Shobhit also thinks that the Government shouldn’t ban cryptocurrency in India and find ways to regulate it.
His LinkedIn Post sums it well!
Cryptocrunchnews – A Crypto Media Platform
Cryptocrunchnews is one of the leading media platforms in the crypto space that has recently shared an Instagram post saying that Banning crypto is not a solution. Check out the post here:
R Gandhi – Former Deputy Governor of the Reserve Bank of India
On February 19, during a Masterclass event held by a financial portal, ‘Moneycontrol’, R Gandhi advocated the need to regulate cryptocurrency as an asset class and not as a currency.
During the session, many key people can be heard favouring the crypto industry and urging that the government shouldn’t ban it.
Balaji S. Srinivasan – Investor and Entrepreneur
Balaji took to Twitter to appreciate Finance Minister Nirmala Sitharaman on expressing that there will be a very calibrated position for cryptocurrency in India.
Not only this, the angel investor has come up with a ton of information on why India should buy Bitcoin? via his blog post backing cryptocurrency.
Nishchal Shetty –
Anurag Thakur – Union Minister
This was the second time Union Minister Anurag Thakur was heard speaking about cryptocurrency and emerging technology.
Twitter flooded with applause for his comments. Here’s a tweet from ANI for you –
Nishchal Shetty – Founder & CEO at WazirX
The Founder of India’s largest cryptocurrency exchange, WazirX, Nishchal Shetty is well known for spreading right words for cryptocurrency to educate people about the technology.
After Anurag Thakur shared his viewpoint on cryptocurrency, Shetty was one of the applauders who came in his support.
Not only this, he was seen sharing his pleasure for FN Nirmala Sitharaman too.
Tanmay Bhat – Famous Comedian, Co-Founder at AIB
The famous comedian, Tanmay Bhat, came out of nowhere in support of cryptocurrency via his YouTube Channel.
He came up with a comprehensive video discussing, “Why India Should NOT Ban Crypto?”
Check out the video here:
Without a doubt, the crypto market has spoken on its own, with Bitcoin price reaching its all-time-high price point with other cryptocurrencies following the upward trend.
Where the experts seem to be not favouring the cryptocurrency ban in Indian, the recent remarks from FM Nirmala Sitharaman have seeded hope for the industry.
Now all eyes inquisitively wait for the Indian Crypto Bill 2021 to see what opportunities it brings along or seizes from India’s investors.