Cryptocurrency Q&A
What is cryptocurrency & regulation of official Digital Currency Bill 2021?
What is cryptocurrency & regulation of official Digital Currency Bill 2021?
Carlo
Fri Jul 12 2024
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6 answers
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Could you elaborate on the concept of cryptocurrency and the key points of the proposed Digital Currency Bill 2021 in terms of regulation? Cryptocurrency, as I understand, is a digital asset designed to function as a medium of exchange using cryptography to secure its transactions and control the creation of new units. But how does the proposed Bill intend to regulate this emerging field? Will it aim to recognize cryptocurrencies as legal tender? Will there be measures to protect investors and consumers? And how will it tackle issues like taxation, cross-border transactions, and the use of cryptocurrencies for illicit activities? I'm keen to know the details of this significant legislation.
6 answers
CryptoLegend
Sun Jul 14 2024
The bill's introduction marks a significant step in India's digital currency journey, aiming to formalize and regulate the emerging cryptocurrency sector.
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lucas_clark_artist
Sun Jul 14 2024
With the rise of cryptocurrencies globally, the Indian government recognizes the need for a robust regulatory framework to safeguard investors and promote financial stability.
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Nicola
Sun Jul 14 2024
The official digital currency, issued by the Reserve Bank of India, is expected to serve as a digital equivalent of fiat currency, offering improved efficiency and convenience.
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Maria
Sun Jul 14 2024
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be presented and enacted in Parliament.
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GinsengBoostPowerBoost
Sun Jul 14 2024
Alongside the regulation of official digital currency, the bill also aims to address the existing gaps in the regulation of private cryptocurrencies. It seeks to balance innovation and consumer protection, ensuring a safe and secure environment for crypto transactions.
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