Crypto Bill Will Regulate, Not Ban, Claim Industry Sources: 10 Facts

Here's Your 7-Point Cheatsheet To This Big Story:


1. In response, all major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent.

1. But as the news of regulation, not ban, came out, markets seem to be stabilising.

1. India's has had a hot-cold relationship with crypto. The RBI had banned it in 2018 voicing "serious concerns" about private cryptocurrencies.

1. Then the Supreme Court had lifted the ban in 2020 and now in 2021 negotiations are on between industry stakeholders and the Centre to bring in a regulation that will put corrupt practices to check.

1. According to Blockchain and Crypto Assets Council, India holds about ₹ 6 lakh crore in crypto assets.

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1. Private digital currencies have gained popularity in the past decade or so. However, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.

Recently, there have been a rising number of advertisements promising easy and high returns on investments in cryptocurrencies, amid concerns over such currencies being allegedly used for luring investors with misleading claims.

What Do you think?

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