16 Dec , 2021 By : Kanchan Joshi
Even as government mulls over bringing the bill on cryptocurrency in the ongoing winter session in the Parliament, which is likely to prohibit all private cryptocurrencies in India, Zerodha co-founder Nikhil Kamath took to Twitter to ask what the next decade may hold for cryptocurrencies.
Kamath tweeted, “I think the next decade is going to see a serious inverse correlation trade between gold and crypto, people could buy gold to short crypto and vice versa, thoughts?"
Meanwhile, top sources have revealed that the government is unlikely to bring a bill on cryptocurrency in the ongoing winter session of Parliament, while also suggesting that whenever a bill will be brought, it will be referred to the parliamentary standing committee for wider deliberations with stakeholders.
While listed in the government's legislative business of the winter session, the bill seeks to "create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."
It also seeks to prohibit all private cryptocurrencies in India. However, it "allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," according to the bill listed for introduction on the Lok Sabha website. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.
This is in line with the RBI reiterating its strong views against cryptocurrencies, saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them and their claimed market value.
RBI Governor Shaktikanta Das too had stated his views against allowing cryptocurrencies earlier this month, saying they are a serious threat to any financial system since they are unregulated by central banks.
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