Cryptocurrency Future in India Left in Hands of Reluctant Parliament

February 03, 2021

A new bill is being introduced by India’s national government, and could have monumental consequences toward the direction of the country’s technological advancement on a global scale.

The Cryptocurrency and Regulation of Official Digital Currency Bill will be brought to session by India’s parliament, and speculators are unsure of what direction the government may lean toward. Early drafts of the bill implied that the government was outright against cryptocurrency, seeing that the name of the 2019 edition was titled  “Banning of Cryptocurrency and Regulation Of Official Digital Currency”. However, new drafts of the bill imply that officials are noticing the possibilities of these bleeding edge technologies.

The most powerful nations in the world are jumping on the bandwagon of blockchain, crypto, and other digital currencies, realizing that they will hold major significance in the tech sector in the very near future. Being at the forefront of development may make or break a country’s ability to keep up with technology on a global scale. Cryptocurrencies like Bitcoin and Ether are already popular worldwide. If India’s government decides to ban the use of crypto, the country is essentially holding itself back from keeping up with the future.

At the moment, over 7 million people in India own over $1 billion in digital assets, and thousands of India’s citizens work within the crypto sector. The country shows a clear interest in crypto, but government officials seem hesitant to adopt it due to its possible effects on the Indian rupee. Yet most citizens will likely know crypto as an asset that’s either bought or sold, which is an aspect of the bill that Indian citizens are very curious to know about.

Edited by Maurice Nagle

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