Cryptocurrency Bill: Here’s what CEOs of leading exchanges have to say

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Despite their growing popularity, the fate of of cryptocurrencies looks uncertain in India. This is because the bill on crypto currencies is being finalised and it will soon be sent to the Cabinet. |

Currently, in case of any scam or fraud in virtual currencies the existing laws are inadequate to deal with, as virtual currencies are not regulated by any legal body.

Money 9 spoke with CEOs of the top cryptocurrency exchanges to know their views of on the new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Rahul Pagidipati, CEO of Zebpay, said, “We’re one of the first and largest Bitcoin exchanges and we think legislation is a really good thing. But we want to make sure that the government does it in a proper way and don’t rush through.”

He adds, “A lot of people are speculating that the bill is going to be very similar to what was announced in 2018-19, where there was a complete ban on all types of cryptocurrencies. If you look at the title, it does say regulation of cryptocurrencies, private cryptocurrencies, and also potential central bank digital currency.”

Nischal Shetty, founder, WazirX, agrees, “This is definitely a positive move forward. If you remember in 2019, there was a draft Bill that spoke about banning of cryptocurrencies, this time the name of the business is regulating cryptocurrencies. I think that’s a good thing forward. The title of the bill shows promise. And there’s also a couple of description around the Bill. The first part says that the RBI wants to create its own digital currency. So again it is in a very positive direction.”