{"id":14078,"date":"2021-11-24T13:35:47","date_gmt":"2021-11-24T08:05:47","guid":{"rendered":"https:\/\/zebpay.com\/?p=14078"},"modified":"2021-11-24T13:35:47","modified_gmt":"2021-11-24T08:05:47","slug":"indias-cryptocurrency-bill-2021","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021","title":{"rendered":"India&#8217;s Cryptocurrency Bill 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021\/#Private_currencies\" title=\"Private currencies:\">Private currencies:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021\/#Blanket_Ban\" title=\"Blanket Ban:\">Blanket Ban:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021\/#Facilitative_framework\" title=\"Facilitative framework:\">Facilitative framework:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021\/#Indias_CBDC\" title=\"India\u2019s CBDC:\">India\u2019s CBDC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/indias-cryptocurrency-bill-2021\/#ZebPays_note_to_you\" title=\"ZebPay\u2019s note to you:\">ZebPay\u2019s note to you:<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><em><strong>24 November 2020<\/strong><\/em><\/p>\n\n\n\n<p>The Indian Government has made a very open-ended announcement on their plans to ban <a href=\"https:\/\/www.businesstoday.in\/crypto\/story\/cryptocurrency-bill-what-are-private-cryptocurrencies-313196-2021-11-24\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u201cprivate currencies.\u201d<\/a>\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-private-currencies\"><span class=\"ez-toc-section\" id=\"Private_currencies\"><\/span><strong>Private currencies:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term private currency hasn\u2019t been clearly defined by the government, but here\u2019s our understanding \u2014<\/p>\n\n\n\n<p>Bitcoin, Ethereum and other such token holders, breathe a sigh of relief. You are safe. These are completely public cryptocurrencies as they are built on public blockchain networks. Transactions are traceable, however they are completely anonymous.<\/p>\n\n\n\n<p>Private cryptos on the other hand <strong>MAY<\/strong> refer to coins like Monero and Dash that are private tokens. Although these are built on public blockchain networks, they conceal transaction information to provide privacy to users.&nbsp;<\/p>\n\n\n\n<p>Again, while this is just broad speculation, the term has to clearly be defined for better understanding. We are awaiting further information.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Blanket_Ban\"><\/span><strong>Blanket Ban:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On November 15th 2021, top crypto companies and players had a panel meeting with Members of the Parliament. The meeting ended with the conclusion that cryptocurrencies \u201ccannot be stopped, and hence they must be regulated\u201d. A blanket ban would not be an option considering there are over 10 crore Indian investors with total investments crossing \u20b96 lakh crore.&nbsp;<\/p>\n\n\n\n<p>From a technology perspective, a regulatory ban would not even be feasible. Transferring <a href=\"https:\/\/zebpay.com\/in\/buy-cryptos\/\" target=\"_blank\" rel=\"noreferrer noopener\">crypto<\/a> from wallet to wallet, is at its essence no different from sharing files from one network to another. Taking these factors into account, the government will not proceed with a blanket ban.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Facilitative_framework\"><\/span><strong>Facilitative framework:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In order for cryptocurrencies to progress and be adopted on a macro scale, the government believes it\u2019s in its best interest to regulate it. Lawmakers will regulate crypto to ensure its usage in a responsible and lawful manner. The law will further make provisions to support innovation in the crypto and blockchain industry.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indias_CBDC\"><\/span><strong>India\u2019s CBDC:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The said framework has also called for creation of an official digital currency issued by the RBI (Reserve Bank of India). Countries like China, Sweden, The Bahamas, are also using <a href=\"https:\/\/www.investopedia.com\/terms\/c\/central-bank-digital-currency-cbdc.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CBDCs<\/a> within their economy.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ZebPays_note_to_you\"><\/span><strong>ZebPay\u2019s note to you<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Investors, there is no need to panic sell at this point of time. The provisions of the bill are still unknown to us, furthermore it has not been passed yet. It is important for you to make an informed and timely decision with all the facts on the table.<\/p>\n\n\n\n<p>We are expecting the Cryptocurrency Bill to be in favour of the progression of the industry. The government will soon arrive at a consensus and provide more clarity on defining public and private cryptocurrency.&nbsp;<\/p>\n\n\n\n<p>In the unlikely event that certain cryptocurrencies you hold are banned, you will receive a notice period to transfer or sell your assets. You will not lose your holdings. This is in precedence of <a href=\"https:\/\/zebpay.com\/blog\/zebpays-lawyer-on-crypto-bill-what-we-know-and-dont-know\/\" target=\"_blank\" rel=\"noreferrer noopener\">February 2021<\/a>, the government planned to ban crypto entirely and gave a 3 month window for the same. However the ban was not executed.&nbsp;<\/p>\n\n\n\n<p>At the end of the day, however the situation may progress, we can promise you that we are giving utmost importance and priority to you and safekeeping your assets. We will act in accordance with laws applicable laws and regulations in this regard.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Until then, have faith and HODL for the future. We&#8217;re sure it will be bright!<\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n","protected":false},"excerpt":{"rendered":"<p>24 November 2020 The Indian Government has made a very open-ended announcement on their plans to ban \u201cprivate currencies.\u201d\u00a0 Private currencies: The term private currency hasn\u2019t been clearly defined by the government, but here\u2019s our understanding \u2014 Bitcoin, Ethereum and other such token holders, breathe a sigh of relief. You are safe. These are completely [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14078"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14078"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14081"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}