It remains to be a matter of huge concern in india and there are speculations rife about a cryptocurrency legislation being introduced in parliament. All of that continues to intensify the parliamentary standing committee on finance is going to be meeting this afternoon on several issues, including cryptocurrency. This is coming after the prime minister chair meeting on the way forward for cryptocurrencies sources have told india today that the modi government may introduce the bitcoin bill in upcoming winter session. During the meeting, attempts to mislead youth through over promising and non transparent advertising and best practices followed, would discuss uh the concerns of a possibility of unregulated crypto markets. Turning into avenues for money laundering and terror, financing were also discussed. Raul srivastav is now joining us live for the very latest visa national affairs editor rahul. One question, which is a little off tangent at the moment, is: why is it called the bitcoin bill? There are so many other cryptocurrencies ethereum, and so many others that are making their way it shouldnt be really called cryptocurrency bill. Secondly, uh. The matter of huge concern is the uh uh, the dark web as its touted in terms of crypto with terror, financing and many concerns loom large. Are there any plausible solutions inside how are they planning to regulate this market? Good morning you see there is largely a speculation that a bill is ready with titles. What i can say is that the government has begun consultations in a new way in an absolutely new direction.

Yes, there are definite concerns that a kid is new. Kid is on the block. He is growing hes, getting extremely popular without regulations, and that is why the prime minister uh this way last week held a meeting which was the first formal, open meeting uh on the issue of cryptocurrency. Now, if we look at the parliamentary party, a committee meeting, which is a parliamentary panel on finance, holding a meeting, that itself is a milestone, why i say a milestone earlier this year around the budget session, there were talks that there is going to be a bill Which is going to ban all cryptocurrencies and india is going to have its own digital currency. This followed from april 2018 when the rbi had banned it, and then, of course, the supreme court had stepped in and asked the government to look into the various issues involved. So this identity, this kid, which has been virtually treated as an outsider, outlaw, is called for. A parliamentary committee meeting is a step which is very visible and it depicts a change now whats. The change going to be is that the blockchain and cryptocurrency station has been called and they have been asked several questions, that what will the impact, if there is a legislation and cryptocurrencies, are allowed or digital currencies allowed on rupee exchanges, for example? How can they contribute to the nation see, remember: taxation and employment, uh revenues from cryptocurrencies, where two of the unicorns, which are already there, are already operating uh in something close to 15 lakh crore worth of businesses, and that is why the government is looking at a Lot of potential, so what one can say is that todays meeting in which the cryptocurrencies stakeholders are called the fact theyre going to have been brought in means things have moved from a ban to perhaps discussions and thats.

Why one can say thats difficult. Why? Why only bitcoins? Why is it? Why are they going to be introducing the bitcoin bill? There are so many other cryptocurrencies i mean there is ethereum. There is uh jesus coin. There is litecoin i mean i can name so many at the moment of the cuff uh and how is the government planning to regulate all of these put together, because every time you hear about cryptocurrency theres, a new coin that is floating around in the market, see What we are told that there is going to be a comprehensive theyll, not just on bitcoin the clear the cryptocurrency bill is going to have create a set of regulations which is going to cover all elements involved with digital currencies, because india is not only looking at Certain elements, but perhaps to create what can be called the operational ground for uh digital currencies, and that is why i think it will be rather premature to say that only a bitcoin bill is in the offing in this session. The stakeholder discussions have begun uh with this parliamentary committee meeting. In fact, nitio finance ministry, home ministry and others have been talking informally and in the meeting with the prime minister when he held the review in that all these elements of synergies being created had come up in that meeting, and that is why one will say is That the government has to look at lot of issues. One say, for example: is it a currency if it is a currency? There is a matter of capital gains, then its a matter of direct taxes.

There is also if it is a service which is rendered, then it is comes under gst and there can be taxation. Can it create employment in terms of the volume of dealing already? Can it create employment? What we are told that the two unicorns have already created, uh – absolutely 50 000 words, employment, absolutely uh, and those are questions that the government uh will have to figure out uh. We will continue updating you on this particular story. This is a story that is gaining prominence in india, with india having the highest number of cryptocurrency users. At the moment, uh lets get you uh a decoding of what cryptocurrency really is for the uninitiated lets decode. What cryptocurrency really means it is a currency which is based on blockchain technology, unlike the fiat currency that you use today, digital currencies are encrypted or coded theyre, based on algorithms, theyre, mine, theyre, managed through exchanges, theyre managed through brokers as well. Cryptocurrencies are extremely volatile. So if you see the chart, youll see high levels of volatility coming in either on bitcoin ethereum or many other cryptocurrencies that are right there. The market absolutely only thrives on speculation, highly speculative market over 10 crore investors, only in our country, making india one of the largest uh cryptocurrency in investors in the world. India has the highest users, that is highest investors or speculators, as you might like to call it in the world.

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