Friday, May 20, 2022

Indian Crypto Investors To Get 3-6 Months Window To Square-Off Their Investments

For the past few months, Indian crypto investors have been worried about their investments because the government is planning to impose a law to ban private digital currencies in the country. However, now there is a ray of hope for the investors, as the report suggests that the Indian government might offer an exit window to crypto traders to square off their investments.

It has been reported that during an inter-ministerial discussion, the lawmakers proposed a Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. According to the bill, before banning any kind of dealings in cryptocurrencies, the country would offer 3-6 months of exit window to crypto investors.  

A report published by The Indian Express, the Indian news outlet, Indians have made a total investment of around $1.5 billion in cryptos. The report further cited that the legislation proposed by the lawmakers is yet to be present in the Indian Parliament. If the legislation gets approval, it might only legalize the digital assets introduced by the Reserve Bank of India (RBI), initially, and ban all other cryptos.

Like other developed countries, India is also planning to introduce its own digital currency and RBI is pretty keen on it.

It appears that India’s approach towards cryptocurrency is quite similar to that of China. China is the country that banned the trading of private currencies in the country and introduced its own digital token in the market. Currently, India is following the same pattern.

While talking about Central bank Digital Currency (CBDC), the RBI Governor ShaktiKanta Das, recently said that currently, they have been working on India’s own digital currency. He further said, “The RBI team is working on it, technology side and procedural side… how it will be launched and rolled out.”

The governor also mentioned that RBI’s team would develop an application using Distributed Ledger Technology (DLT). This application will help them in enhancing the financial market and infrastructure. 

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