CoinDCX welcomes bill barring cryptos, sees more Indians investing in new-age asset class post regulation

New Delhi: Even as crypto currency prices crashed following the news of government bringing bill to bar them, crypto currency exchange CoinDCX on Wednesday welcomed the government move saying a well-assessed regulation would pave the way for greater adoption of the technology and will help millions of Indians embrace this new age asset class.
“We welcome the move from the Government. A well assessed and thought through regulation would pave the way for greater adoption of the technology and will help millions of Indians embrace this new age asset class. We are looking forward to the next steps on this,” said CoinDCX spokesperson.
Around 10:20 AM on Wednesday on crypto exchange WazirX, cryptos such as Bitcoin, Ethereum, Dogecoin, Shiba and Tether all traded in red.
A Bill seeking to prohibit all private crypto currencies is set to be taken up in the forthcoming Parliament session that commences on November 29.
Barring certain exceptions to promote the underlying technology of crypto currency and its uses, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private crypto currencies.
As per a Lok Sabha bulletin on government’s legislative business, the proposed law is aimed at bringing facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.
“The Bill 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,” it said.
Amid growing concerns around crypto currencies, Prime Minister Narendra Modi had on November 13 held a high-level meeting and comprehensively discussed various aspects around the emerging investment asset.
The concerns around unregulated crypto currencies becoming avenues for money laundering and terror financing were also discussed.
“It is important that all democratic nations work together on crypto-currency and ensure it does not end up in wrong hands, which can spoil our youth,” PM Modi said last week while delivering keynote address at the Sydney Dialogue.
Reserve Bank of India Governor Shaktikanta Das has red-flagged crypto currencies maintaining that they are serious threat to the financial system since they are unregulated by central banks.