26 DECPost by Crypto News
26 December 2021 Sunday (Crypto News )
Once again the talk of bringing a bill on crypto came to an end. The winter session of the government came to an end on 25 December and the crypto community waiting for the crypto bill was once again deceived. Cheating will be said because this time the government had done a lot of preparation regarding the crypto bill. This time under the chairmanship of the Prime Minister himself, there was a meeting with officials and ministers regarding the issue of crypto twice. The Finance Minister has also repeatedly said that the crypto bill is completely ready and the bill will be introduced in Parliament in this session. Many opposition ministers also asked questions about crypto to the government, but what happened? Has the crypto bill arrived? Was the crypto bill ready? What is the reason for the government not coming with a bill on crypto?
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| No bill on crypto made. First the Indian financial system needs to be reformed. |
Where are those media people who were shouting and saying that this time the government will bring a bill on crypto and crypto will be banned? The media should tell which officials or ministers of the government were those who had given this news to the media that those doing crypto transactions would be jailed? This reporting of the media led to a major drop in crypto prices on the Indian crypto exchanges and feared people sold their cryptos at lower prices causing them to suffer huge losses.
Why didn't the crypto bill come?
In 2021, government ministers have appeared in front of the media several times and said that the crypto bill is ready and they are bringing this bill in this winter session. The bill also asked for a ban on all types of private crypto and the Reserve Bank to bring its own digital currency, which will come on a trial basis by December 2021. Why didn't the crypto bill come even after so much preparation?
The opposition had a big issue to corner the government this time where a hacker from Bangalore alleged that around 2000 bitcoins hacked by him were taken away by a big government minister and some people in the government department. About 1200 bitcoins were forcibly taken by ministers and government officials and after this Rahul Gandhi had also tweeted about it, in which it was written that bitcoin scam is big but hiding it is bigger scam than this. The government knew that the opposition would raise this issue in the house and to cover this issue, there was talk of bringing a crypto bill and when the issue got cold, the bill was shelved.
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| No bill on crypto made. First the Indian financial system needs to be reformed. |
The second thing is that the government knows that there are about 100 million people in crypto at the moment. All of them are young and educated and at the same time they are above 18 years i.e. vote bank. There is an environment of elections in India at this time and the government does not want to offend anyone, especially the 10 crore vote bank at this time. If the government had taken a decision regarding crypto that was not in favor of the crypto community, then it was bound to have an impact on the results of the election, perhaps that is why the crypto bill was not brought this time.
Was the government's preparation not complete?
The biggest thing is that the government is talking about making laws regarding crypto since 2019, but so far the government has not been able to do anything concrete in this matter. The government lacks officials and experts who understand crypto. The government does not yet have a fully intelligent mechanism to track crypto, understand it, tax it and formulate the right guidelines regarding crypto. The Reserve Bank thoughtlessly blocked the bank's facilities for crypto and then lost in court. Perhaps the government took a lesson from this and did not rush to make the crypto bill without being hasty. But in 2021, government ministers said many times that the government is thinking openly about crypto. The government's main issues were the loss of public money due to large fluctuations in the price of crypto and the funding of terrorism from crypto. If we look at both these things, then perhaps the government itself knows that there is no truth in this. If the government really thinks that it is easier to fund terrorism than crypto and that crypto investments are causing huge economic losses to people, then the government would have stopped crypto long ago.
Recently, more than 250 crore Indian rupees have been received from the house of a businessman of Uttar Pradesh. How did you get so much money? It is black money that the government should answer. What was the benefit of note ban and now there will be demonetisation again?
The government does not go to the root of any problem and that is why the economic fabric of the country is very weak. Neighboring countries of India are continuously carrying out terrorist incidents in India. The bomb blast in Ludhiana, Punjab raises big questions on the Indian security system. The complicity of the police and the phone calls from the jail to Pakistan shows that the government has yet to work on much bigger subjects. Next month the Prime Minister of neighboring country Nepal is visiting India. Nepal's borders are also very dangerous for India from crime and economic point of view. There are big flaws in the security of the India-Nepal border. There is no security of any kind on the Nepal border. From here any terrorist can come to India comfortably and can also go back by spreading terror in India. Cash can be taken from India to Nepal and this is a big security lapse. There are about 28 banks in Nepal where Indians have innumerable money lying around. The government should pay attention to this.
Indian crypto exchanges are regulating their own stringent rules on crypto. Very strict KYC rules are being made. Very few complaints related to crypto are received by the police or the government. So far, there has been no talk of the use of crypto in any terrorist incident. The government should take more time regarding crypto and with full understanding should bring a bill on crypto. We should not expect anything from the media because they earn their living by making others crazy. The media doesn't care about anyone's loss.
The crypto community must strengthen itself. Good and correct information should reach the community and hope that the government will soon make the right rules on crypto with due care. 2022 is coming with a new hope.
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