Know what stakeholders are saying about digital currency

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The Union government will likely present the Cryptocurrency and Official Digital Currency Regulation Bill 2021 to Parliament during the current winter session, starting today.

Many crypto players are anxiously awaiting the government’s positive move that could allow cryptocurrency to be invested and traded with certain restrictions. So far, the noise around the Crypto Bill has been both positive and negative.

The bill seeks to create a framework to facilitate the creation of the official digital currency to be issued by the Reserve Bank of India. It is also seeking to ban all private cryptocurrencies in India. According to the entries, the bill allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

Amid the buzz around the crypto bill, check out what stakeholders (investors and coin exchange platform players) are saying:

Nilesh Shah, MD Kotak Mahindra AMC

“I’m not qualified enough to say whether crypto is a fraud or not… who knows, it may be the future and we are the first entrants. So why not regulate and make people realize that this is high risk and high return? So that tomorrow, if things get out of hand, it doesn’t endanger many investors. ”

Edul Patel, CEO and co-founder of the crypto investment platform Mudrex

Currently, over 11,000 cryptocurrencies are traded between exchanges. There is a lack of clarity as to what the government means by private cryptocurrencies. Cryptocurrencies like bitcoin, ether, and other cryptos are available on centralized and decentralized exchanges. However, all of these cryptos are created by developers or companies, not governments.

“The term private cryptocurrency is interesting because there was news about governments offering their own cryptocurrency. These cryptocurrencies are called CBDC or Central Bank Digital Currencies. It could be possible that these CBDCs are public cryptocurrencies and all others are classified as private cryptocurrencies. However, it will be interesting to see what falls under the realm of private cryptocurrencies, ”he said.

Ashish Singhal, Founder and CEO of CoinSwitch Kuber

I think that (Bollywood actor Ranveer Singh’s big hit crypto announcement) is one of the reasons this has been addressed urgently. But the crypto industry was booming even before the ads came out, so there’s no point in shutting down an industry. We must come out of the shadows.

How do we provide the right education to the user and ensure that they understand the risk when engaging in it. It is therefore clear that guidelines and self-regulatory organizations are needed to define what is allowed. “

Avinash Shekhar, Co-CEO of ZebPay Cryptocurrency Exchange

We are awaiting more details on the bill. The government has taken many positive steps to learn and understand crypto and its impact on all stakeholders – investors, exchanges, policymakers. We therefore look forward to a crypto bill that takes into account all the contributions of these discussions.

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