In The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will be submitted in the forthcoming Winter Session of Parliament, the Centre proposed to outlaw all private cryptocurrencies with some exceptions. This move is motivated by concerns about cryptos purportedly being used to defraud investors and fund terrorism. As it turns out, netizens were not enthusiastic about the proposed legislation.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for the uninitiated, “seeks to prohibit all private cryptocurrencies in India, but it provides for specific exceptions to encourage the underlying technology and its purposes.” This bill also seeks to establish a framework for the introduction of official digital money by the Reserve Bank of India (RBI).
Soon after the news went viral, business experts and netizens criticized the action, while others exploited it to post some humorous memes. Kuber Ashish Singhal, Founder, and CEO of CoinSwitch tweeted, “I’m aware of the panic produced by recent Crypto news. I urge you to be calm and, as always, DYOR before reaching a hasty conclusion. Recent interactions with the government hint to a progressive stance and no clear statement have been made to the contrary.”