Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Bitcoin (BTC)
  • Indian Crypto Bill Creator Says Description Of the Bill Was A Mistake
  • Altcoins
  • Bitcoin (BTC)
  • Crypto Marketplace
  • Crypto News
  • Regulation

Indian Crypto Bill Creator Says Description Of the Bill Was A Mistake

Patrik Verhoek December 22, 2021 2 min read

Indian crypto bill’s creator, Subhash Garg (the earlier Finance Secretary) dismissed the idea of placing a prohibition over private cryptocurrencies by stating it to be a misinterpretation and also pointed towards the huge potential of blockchain technology and cryptocurrency.

The parliamentary debates regarding the controversial bill of cryptocurrencies created concerns related to a crypto ban with no strong signal about the scope of the ban. It was previously reported that a lapse of panic selling was witnessed among investors across India.

During an interview conducted by News 18 (a local news channel) Garg made it clear that perhaps the description of the bill regarding cryptocurrency was not adequately interpreted. He added that it would be wrong to say that bill proposes a ban over cryptocurrencies and urges the authorities to do the same.

Garg considers that the authorities in India should construct a bill following a comprehensive discussion with the crypto investors as well as the stakeholders. Moreover, it is suggested by the bill that an outright ban over the crypto without providing a clear definition for the word private is not recommended.

Consequently, the community of cryptocurrency across India on their own made two diverse interpretations of the agenda of the respective bill out of which one suggests the prohibition of the cryptocurrency whereas the other one eliminates the operation of cryptocurrencies on open blockchains like ETH (Ethereum) and BTC (Bitcoin). He moved on to highlight that there exists a flaw in the respective bill regarding the categorization of cryptocurrencies under the term assets following the classification of the disruptive technology that powers this huge ecosystem.

Furthermore, he mentioned that the entire community is not represented by the crypto exchanges as there is a very low amount of interest occupied by these exchanges.

By providing a conclusion, he noted that it is complex for the countries particularly India to develop CBDC (central bank digital currency) initiatives. As per him, the authorities at first require to meet with the problems like issuance of digital wallets as well as the unavailability of smartphones.

The crypto market of India is consistently alluring international companies with the new coming Coinstore (a Singapore-based exchange of cryptocurrency). It has been formerly reported that a fund of up to $20 million has been allocated by Coinstore for the establishment of the latest offices across the region.

Post Views: 395

Continue Reading

Previous: Tanzania Central Bank Reportedly Begins Exploring A CBDC
Next: Price Analysis for LZP, ORGN, GST, and more among Newly-Listed Cryptocurrencies

Related Stories

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC
2 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto News

Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

August 4, 2022
Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,056.00
-0.60%
ethereum
Ethereum (ETH)
$1,903.56
0.53%
tether
Tether (USDT)
$1.00
-0.30%
usd-coin
USD Coin (USDC)
$1.00
0.10%
binancecoin
BNB (BNB)
$322.98
-0.80%
ripple
XRP (XRP)
$0.373985
-1.42%
cardano
Cardano (ADA)
$0.53
-0.53%
polkadot
Polkadot (DOT)
$9.37
1.06%
dogecoin
Dogecoin (DOGE)
$0.071534
0.30%
Uniswap
Uniswap (UNI)
$9.04
-0.98%

Recent Posts

  • Alfabtc Review – A Recommended Cryptocurrency Broker

    Alfabtc Review – A Recommended Cryptocurrency Broker

     Alfabtc Review Alfabtc is a competent brokerage firm known for its fast and efficient execution of trade. The
  • Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    On Thursday, Hotbit made a concerning announcement for the entire customer base. The cryptocurrency exchange notified the users
  • Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain has been selling Bitcoin (BTC) that belongs to the blockchain’s holdings. The reason behind selling Bitcoin
  • Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Hodlnaut has announced that it has frozen its services for the users. The firm made an official announcement
  • Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Lido DAO (LDO) has proven to be one of the top performers in the cryptocurrency industry in the

Start Trading

Categories

Top Posts

  • Coinbase Obtains Operational License In Italy

    Coinbase Obtains Operational License In Italy

    One of the top crypto exchanges in the market, Coinbase recently achieved yet another milestone, as it was
  • Price Analysis of Green Chart (GREEN), RetroCade (RC), and PAPPAY (PAPPAY)

    Price Analysis of Green Chart (GREEN), RetroCade (RC), and PAPPAY (PAPPAY)

    In the past 24-hours, the trading value, as well as the capitalization of Green Chart (GREEN), have observed
  • Coenx – The Ultimate Hybrid Crypto Platform for Crypto Users and Advertisers

    Coenx – The Ultimate Hybrid Crypto Platform for Crypto Users and Advertisers

    Coenx is a one-of-a-kind hybrid crypto platform designed for crypto users, traders and advertisers who want to promote
  • Investors Rejoice As BAT Hits New Heights

    Investors Rejoice As BAT Hits New Heights

    BAT (Basic Attention Token) has been quietly gaining support as its competitors struggle with lawsuits, drops in price,
  • Price Analysis of LiveNFT (LIVENFT), GScarab (GSCARAB), and Binance Multi-Chain Capital (BMCC)

    Price Analysis of LiveNFT (LIVENFT), GScarab (GSCARAB), and Binance Multi-Chain Capital (BMCC)

    The price analysis report by TradingView for LiveNFT (LIVENFT) shows that in the past 24-hours, the investors have

Archives

You may have missed

Alfabtc Review – A Recommended Cryptocurrency Broker
3 min read
  • Brokers
  • Reviews

Alfabtc Review – A Recommended Cryptocurrency Broker

August 10, 2022
Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC
2 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto News

Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

August 4, 2022
Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
  • Alfabtc
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$24,056.00-0.60%
  • ethereumEthereum(ETH)$1,903.560.53%
  • tetherTether(USDT)$1.00-0.30%
  • usd-coinUSD Coin(USDC)$1.000.10%
  • binancecoinBNB(BNB)$322.98-0.80%
  • rippleXRP(XRP)$0.373985-1.42%
  • cardanoCardano(ADA)$0.53-0.53%
  • SolanaSolana(SOL)$43.17-0.39%
  • polkadotPolkadot(DOT)$9.371.06%
  • dogecoinDogecoin(DOGE)$0.0715340.30%
  • UniswapUniswap(UNI)$9.04-0.98%
  • bitcoin-cashBitcoin Cash(BCH)$140.90-2.27%