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India finally decided to put Crypto-Regulations in Effect

India’s crypto-community can lastly take a breath of relief, as fresh news imply that it might now bring in a law to put crypto regulations into effect.

This arrives as a piece of big news for over eight million investors in India who owns over $1 billion worth of cryptocurrencies. Earlier on January 29th, the government drafted a bill in the Lok Sabha to ban all private cryptocurrencies.

Nischal Shetty, chief executive officer of WazirX stated

“Cryptocurrency is a sunrise sector employing thousands of people in India. The regulation is the need of the hour, but a ban will set our economy back by a decade.”

After many disputes and discussions in the crypto circle, within articles and social media posts over the past few days, the Indian Government has eventually selected to take a legislative shortcut to pass a bill that will control digital currencies in the country

The Bill to be Passed Within a Month

The government is planning to pass the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” within a month of approval of the ordinance, states CNBC-TV18 news on Friday. 

The Indian Prime Minister’s Office and Finance Ministry, and Cabinet Secretariat have now begun working on the draft details of the ordinance. 

After the news of the ordinance came out, Nischal Shetty, took it to Twitter and showed his support for the action saying,

 “Bill to Regulate Crypto. Love to hear that. The Government of India might finally be on the path to positive crypto regulations. Besides that, the Cabinet nod yet to be given for the bill. So it’s early stages right now. Such a great start to the week!”

Previous Crypto Regulations in India

This is not the first time that the Indian Government has come up with a regulation that deals with the crypto industry in the country. Earlier in 2019, there was a bill that reportedly sought to ban cryptocurrency and criminalize its tradings and transactions in the nation. However, it was not introduced.

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