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Crypto Bill Still Not in Sight, May Perpetuate Uncertainty and Fraud in India

The uncertainty prevailing due to the absence of laws has created trouble for retail investors.

Crypto Bill Not Likely to Be Tabled in Budget Session

The much-anticipated crypto bill of India might not get tabled in the upcoming Budget Session. The Centre wants to discuss and deliberate on the matter at greater lengths.

A senior official from the Ministry of Finance revealed to Economic Times (ET) that “the crypto bill may not be introduced in the Budget Session. It is a complex subject. This will require more time.”

Government of India is waiting for inputs from the Reserve Bank of India (RBI) after the launch of the Central Bank Digital Currency (CBDC). 

Right now, there is no consensus on the tax laws. Many prevailing laws would need to be amended to regulate the crypto industry. Considering these factors, the Government may take more time.

Nandan Nilekani Believes Web3 is Centralized

Charismatic founder of Infosys, Nandan Nilekani believes that Web3 is controlled by just a few parties.

He told Moneycontrol that just “three-four crypto exchanges dominate the world and decide the rules of the game. These gatekeepers also have a role over the system.”

He believes the real power of crypto lies in the fact that it has decentralized “money making.” Further, he opines that crypto should be promoted as an asset class.

Coin Crunch India also pointed out that crypto should not be seen just as an asset. It should be seen as an innovation that helps in decentralizing money making. This perspective is not usually discussed by India’s policymakers.

Crypto Scams in India

Over the past 2 years, Indians visited crypto scam websites millions of times. But there has been a substantial reduction in the number.

According to the figures reported in a Mint report which cited Chainalysis as its source, Indians visited crypto scam websites more than 17.8 million times in 2020. The number reduced to 9.6 million times in 2021. Still, it is a huge number.

Source: Mint

Chainalysis’ named,,,, and as the five most visited fraud websites by Indians in 2021. These sites alone account for 4.6 million visits from India last year.

The trend is in the right direction. It can be inferred that Indians are becoming more aware of the scams. However, efforts have to be made to prevent anyone from perpetrating a scam. Absence of laws makes it difficult for the victims to seek redressal from the authorities.

A crypto prosecution and procedure code would be needed for the investigation.

Throughout history, inventions have shaped the conventions and laws in society. With the advent of aviation, a whole new industry and armed force were created. Crypto industry is witnessing a similar phase.

News recommendation: NFTs & Games Independent of Crypto – Research

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