The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to ban all private cryptocurrencies and also provides for the creation of a legislative framework on an official digital currency.
According to experts, a blanket ban would hit over eight million investors in India who own over $1 billion worth of cryptocurrencies. “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,” said Nischal Shetty, chief executive officer of WazirX.
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