80 likes | 93 Views
Bitcoin is the pioneer among cryptocurrencies launched in 2009. The slide deals with the new crypto bill introduced by the government of India to restrict and regulate cryptocurrencies . For additional information, please visit the website at the end of ppt<br>
E N D
India’s Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 Bitcoin news today series
Provision of the proposed Bill • Prohibition on all private cryptocurrency • No blanket ban with exceptions • Exception to aid promotion of underlying tech • Introduces official digital currency • RBI, India’s Central Bank to issue currency For More info on Bitcoin News Today
Bill provisions pending clarity • Private cryptocurrencies are not defined • Classification of all available crypto a difficult task • Nature of the proposed digital currency • Sector regulator of exempted sectos
Need for crypto regulation • PM Modi stand to check crypto falling into wrong hands • RBI Governor sated Crypto as threat to financial stability • Poses challenge to Monetary policy • Cryptocurrencies introduced to scam investors • Cryptocurrencies - a payment mode for ransom, drug and arms smuggling
Advantages of the bill • Secure investors from scams • Insulate investors from price fluctuations • Assert state sovereignty over currencies • Promote underlying technology through conducive environment
Challenges associated • Cryptocurrencies will move underground • Restrictions and Bans rarely work • Investors will face increased risk without regulations • Hinder tech adoption • Startups dealing with crypto will sink
Contact Us • At Abitcoin, we provide daily and real time update about Bitcoin News Today • Abitcoin blogs • Bitcoin FAQ