Spotlight on ‘private cryptocurrencies’ as debate surrounds new Bill
3 years, 1 month ago

Spotlight on ‘private cryptocurrencies’ as debate surrounds new Bill

Hindustan Times  

Cryptocurrency regulation will be up for discussion in the winter session of Parliament, which starts on November 29. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 comes up days after the Reserve Bank of India again warned that cryptocurrencies pose concerns surrounding financial stability. Would be good to see what the definition of ‘private’ is and how it evolves,” says Edul Patel, CEO and co-founder of Mudrex, a crypto investment and trading platform, in a statement shared with HT. Before we try to understand what the definition of a “private cryptocurrency” could possibly be, it is important to understand how cryptocurrencies work. Most popular cryptocurrencies globally, such as Bitcoin, Ethereum, Binance Coin, Tether and Cardano, to name a few, all use publicly available ledgers that trace transactions back to crypto wallets that were used.

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History of this topic

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod
1 year, 2 months ago

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod

Live Mint  

Finance ministers of G20 nations have now adopted the synthesis paper released by Financial Stability Board and International Monetary Fund that carries a number of suggestions on regulations of cryptocurrencies. Here is the timeline of regulatory evolution that the digital currencies have undergone: Feb 1, 2018: Then Finance Minister Arun Jaitley, during the Budget Speech, said government did not consider …

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies
2 years, 10 months ago

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies

India Today  

Finance Minister Nirmala Sitharaman on Friday said that a decision on "banning or not banning" cryptocurrencies will be taken after consultations. She also said that the government's move to levy a 30 per cent tax on gains from cryptocurrencies has nothing to do with the legality of private digital currencies in the market. "Banning or not banning cryptocurrencies will come …

Cryptocurrency: 5 questions crypto investors are asking from government before likely ban
3 years ago

Cryptocurrency: 5 questions crypto investors are asking from government before likely ban

India TV News  

With India preparing to introduce the much-anticipated Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing Winter Session of the Parliament, all eyes are on what will happen to the investors' hard-earned money once the ban on all private cryptocurrencies comes into effect. Although Finance Minister Nirmala Sitharaman informed the Parliament that the government has no proposal …

Be aware of bitcoin, other cryptocurrencies
3 years ago

Be aware of bitcoin, other cryptocurrencies

The Hindu  

Virtual currencies created using blockchain technology have been the subject of great speculation and discussion in recent times. Legendary investors Charlie Munger and Warren Buffet have gone as far as to call Bitcoin and other cryptocurrencies ‘rat poison.’ Before debating on whether to ban private cryptocurrency, it is prudent first to understand what cryptocurrencies are. Private cryptocurrencies being adopted as …

Cryptocurrency Bill: Govt to Bring a New Crypto Bill, Previous Bill Reworked, Says FM
3 years ago

Cryptocurrency Bill: Govt to Bring a New Crypto Bill, Previous Bill Reworked, Says FM

News 18  

Clearing all the doubts and panic among investors regarding the upcoming cryptocurrency bill, finance minister Nirmala Sitharaman said on Tuesday that the government is working on a new bill to regulate cryptocurrency in India. While replying in Rajya Sabha, Sitharaman said, “There were other dimensions and the bill had to be reworked and now we are trying to work on …

Why regulating cryptocurrencies is a big challenge for govt | OPINION
3 years ago

Why regulating cryptocurrencies is a big challenge for govt | OPINION

India Today  

Much has been debated over the cryptocurrencies that has posed a significant regulatory challenge to policymakers. As free people of free nations, one is free to buy anything that they want with their tax-paid money, and hence people are free to buy cryptos. But why did the rest of the world give credence to such a currency, to the extent …

Is A Blanket Ban Possible On Cryptocurrency In India? Know How It May Impact
3 years ago

Is A Blanket Ban Possible On Cryptocurrency In India? Know How It May Impact

ABP News  

New Delhi: Everyone speculating a ban on cryptocurrencies in India may take it easy as the government is set to introduce a Bill in the upcoming winter session of Parliament which, if passed, will only ban the ‘private’ digital currencies. Investors trading in Bitcoin, Ethereum, and the likes may not be worried because these are public blockchain-based cryptocurrencies, which offer …

Cryptocurrency Bill: All You Need to Know About Private Crypto That Govt Seeks to Ban
3 years ago

Cryptocurrency Bill: All You Need to Know About Private Crypto That Govt Seeks to Ban

News 18  

The central government earlier this week officially expressed its intention to introduce a Bill aimed at prohibiting private cryptocurrencies in India. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrency. The much-anticipated cryptocurrency Bill will probably ban all private cryptocurrencies in India, but this will not be a blanket ban as per sources. …

The uncertainty around cryptocurrency
3 years ago

The uncertainty around cryptocurrency

The Hindu  

The story so far: A bill that the Centre is set to introduce in the Winter Session of Parliament has got investors in cryptocurrencies worried. THE GIST A bulletin released by the Government on Wednesday stated that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will “create a facilitative framework for creation of the official digital currency to …

Cryptocurrency ban in India: What are Private coins? All you need to know
3 years ago

Cryptocurrency ban in India: What are Private coins? All you need to know

India TV News  

Highlights Govt will table Cryptocurrency and Regulation of Official Digital Currency Bill in Parliament. Meanwhile, Speaking to India Tv on private cryptocurrencies, Hitesh Malviya, founder of ItsBlockchain, said 'banning such privately owned cryptocurrencies is a good move." In my understanding, bitcoin, ethereum, and other popular cryptocurrencies are not controlled or managed by any private entities, transactions are on the public …

Trail gone cold: How private cryptos camouflage transactions for anonymity
3 years, 1 month ago

Trail gone cold: How private cryptos camouflage transactions for anonymity

Hindustan Times  

The spotlight is firmly on the future of cryptocurrencies in India these days as the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 comes up for discussion and debate in the winter session of Parliament, starting on November 29. While you may be familiar with popular cryptocurrencies such as Bitcoin and Ethereum, there are a bunch of cryptos that …

Is Cryptocurrency Legal in India? Crypto Bill, Private Cryptos, all Questions Answered
3 years, 1 month ago

Is Cryptocurrency Legal in India? Crypto Bill, Private Cryptos, all Questions Answered

News 18  

With more and more people investing in popular Bitcoin and relatively lesser know Shiba Inu, all thanks to Elon Musk probably, cryptocurrency craze has indeed gripped India. While new age investors, especially millennials, taking to crypto with such gusto, the million dollar question is right now — is cryptocurrency legal in India? To mend this lack of regulatory framework in …

Govt to move bill in Parliament to ban crypto-currencies
3 years, 1 month ago

Govt to move bill in Parliament to ban crypto-currencies

Live Mint  

Days after Reserve Bank of India governor Shaktikanta Das sounded alarm on crypto-currencies warning very serious risk it poses for macro economy and financial stability of the country, the government’s legislative agenda for the upcoming winter session of Parliament showed it plans to ban private crypto-currencies such as bitcoin. Government is set to introduce “The Cryptocurrency and Regulation of Official …

New cryptocurrency bill seeks to ban private players
3 years, 1 month ago

New cryptocurrency bill seeks to ban private players

The Hindu  

The Union Government will introduce a Bill to regulate cryptocurrency and ostensibly ban all private cryptocurrencies, along with 25 other pieces of legislation, in the winter session of Parliament that begins on November 29. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is yet to be officially approved by the Cabinet, seeks to create a facilitative framework …

Government to introduce Cryptocurrency bill and seek ban on all private cryptos with few exceptions
3 years, 1 month ago

Government to introduce Cryptocurrency bill and seek ban on all private cryptos with few exceptions

India Today  

The government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament. The bill seeks to ban all private cryptocurrencies with ‘few exceptions’, the official document shared by the government says. The government was planning to ban all cryptocurrencies last year and was even planning to introduce a bill during …

Regulating cryptocurrencies: Treating them as speculative assets
3 years, 1 month ago

Regulating cryptocurrencies: Treating them as speculative assets

The Hindu  

The story so far: The Union Government is said to be considering a proposal to tax cryptocurrency transactions in the country. THE GIST With cryptocurrencies such as Bitcoin gaining popularity among citizens, the Centre has been compelled to take a stance on the legal status of these private currencies. The Centre might not be so keen on banning private cryptocurrencies …

India is set to ban Bitcoin, Dogecoin and other crypto money with move that targets miners and traders
3 years, 9 months ago

India is set to ban Bitcoin, Dogecoin and other crypto money with move that targets miners and traders

India Today  

The uncertainty around cryptocurrencies in India continues as the government is now planning to propose a new bill which will not only ban digital money but will also fine anyone trading in the country or even holding such digital assets. The new bill proposes to criminalise possession, issuance, mining, trading and transferring crypto-assets, a senior government official told Reuters. World’s …

Govt Committee Suggests Ban on All Private Cryptocurrencies Except Those Issued by State: FM Sitharaman
3 years, 10 months ago

Govt Committee Suggests Ban on All Private Cryptocurrencies Except Those Issued by State: FM Sitharaman

News 18  

Union Finance Minister Nirmala Sitharaman said on Tuesday that a high-level committee suggested that all the private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India. “A high-level Inter-Ministerial Committee constituted under the Chairmanship of Secretary to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in …

Govt committee recommends ban all cryptocurrencies, except those issued by state: FM
3 years, 10 months ago

Govt committee recommends ban all cryptocurrencies, except those issued by state: FM

Live Mint  

A high-level committee suggested that all the private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, finance minister Nirmala Sitharaman said on Tuesday. In a reply to a question in Rajya Sabha whether central government is planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, "A high-level Inter-Ministerial Committee constituted under the Chairmanship of …

Cryptocurrencies are having a wild 2021.
54 years, 11 months ago

Cryptocurrencies are having a wild 2021.

Slate  

It has been more than a decade since Bitcoin set the stage for the popularization of new of cryptocurrencies and blockchain technologies. But as fortunes have been made and lost over and over again—Bitcoin just hit new record levels after Elon Musk announced that Tesla had invested $1.5 billion in the cryptocurrency and would soon accept it for payment—the slow …

Cryptocurrency And Regulation Of Official Digital Currency Bill, 2021 And Legal Framework Ahead
3 years, 10 months ago

Cryptocurrency And Regulation Of Official Digital Currency Bill, 2021 And Legal Framework Ahead

Live Law  

A dubious concern in the banking finance sector in India today is the debate over according legal status to crypto/virtual currencies. However, it was also held that RBI has inherent powers to regulate the dealing and trading of CCs in the interest of the banking system, monetary stability and sound economic growth. The Crypto Bill seeks to ban all private …

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