The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to ban all private cryptocurrencies and also provides for the creation of a legislative framework on an official digital currency.
According to experts, a blanket ban would hit over eight million investors in India who own over $1 billion worth of cryptocurrencies. “Cryptocurrency is a sunrise sector employing thousands of people in India. The regulation is the need of the hour, but a ban will set our economy back by a decade,” said Nischal Shetty, chief executive officer of WazirX.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
