Amidst the uncertainty looming over the fate of cryptocurrencies in India, the Finance Minister¡¯s recent hints on the regulation of cryptocurrency instead of banning it are a silver lining for the crypto industry.
And the next day, another pinch of positivity into the crypto industry¡¯s air has been put in, with the Infosys' Non-executive Chairman Nandan Nilekani saying that crypto-assets can be used to bring about more financial inclusion. These words are an even brighter glimmer of hope because they have come from a person who is regarded as the architect of Aadhaar, served as UIDAI chairman in 2009, and has been included in a panel to advise the Centre on e-commerce this year.
In Nilekani¡¯s words spoken at Reuters Next Conference on December 1st, 2021, there is a role for crypto as assets, but they obviously will have to follow all the laws and make sure that it doesn't become a backdoor for money laundering, they have to use that as an entry point to get a lot of young people into financial markets.
A day before this, the finance minister had told the Parliament that they may replace the erstwhile bill draft which proposed to ¡®prohibit all private cryptocurrencies in India¡¯ barring certain exceptions to promote the underlying technology and its uses. The expectation that cryptocurrencies are likely to be regulated and not banned increased when it came to light that the current bill is named ¡®Cryptocurrency and Regulation of Official Digital Currency Bill, 2021¡¯ instead of the earlier bill¡¯s name- ¡®Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019¡¯.
With the winter session of Parliament already going on since November 29th 2021, everyone¡¯s eyes are set on this Bill, which is expected to be introduced and passed soon, before the winter session ends on 23 December 2021.
Also Read:?How To Evaluate Crypto And Return On Investment For Investors
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