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Cryptocurrency ban conversations bring Clubhouse to life again

Business Today logo Business Today 23-11-2021 Bismah Malik
Cryptocurrency ban conversations bring Clubhouse to life again © Provided by Business Today Cryptocurrency ban conversations bring Clubhouse to life again

The government's proposal to ban allĀ  private cryptocurrencies with a few exceptions has sparked conversations on audio social platform, Clubhouse again. Groups including All India Startups, cryptocurrencies took to the platform late night on Tuesday after the legislative agenda of Parliament's winter session was made public which included Cryptocurrency Bill, 2021.

Clubhouse had seen its popularity dwindling post the COVID second wave after seeing a record 6 million downloads since launching its Android version in May 2021.

The late-night crypto discussions revolved around the possible contents of the new cryptocurrency regulations with experts saying that although the wordings of the bill are similar to the earlier regulation proposed by the finance ministry, however the ban may not be overreaching and most likely may not cover the investments in digital assets.

Also Read: Winter Session 2021: Cryptocurrency Bill proposes to ban all pvt cryptocurrencies with certain exceptions

As per the official statement, the proposed 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses. "The bill aims to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India," the statement further said.

Earlier, Nischal Shetty CEO, Founder Wazir X, exclusively told BT, "The stance of government looks similar to the last one. Will have to go through the contents of the bill. Bitcoin is a public cryptocurrency on a public blockchain.Ends

Also Read: Govt to move Bill to ban all private cryptocurrencies; check out reactions from the industry

Also Read: Here's everything you need to know about RBI's digital currency

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