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The approval of Unregulated Deposit Schemes Bill, 2018 cabinet resulted in a panic when some Indian media houses manipulated the news and linked the otherwise bill with the cryptocurrencies and bitcoin. Some media houses were even reported to even call it “bitcoin bill” which is a false interpretation of the news.
Cryptocurrency or bitcoin considered a Ponzi scheme
However, it’s important to notice that, even though the government has already equated Bitcoin and cryptocurrencies with Ponzi scheme, no separate or specific mention of words like ICO, cryptocurrencies or Bitcoin can be found in the draft.
Recently, The Indian Union Cabinet released ‘The banning of unregulated deposit schemes bill, 2018’ with the approval from PM Modi in parliament. However, certainly few missing words like ‘cryptocurrencies, Bitcoin and more’ undeniably delivered a breath of relief to traders who are still expecting to see recovered days in new cryptocurrency India.
With an aim to put a hold on illicit deposit-taking actions, the government has decided to forbid and take a stern action against companies and institutions running/planning to run such schemes. As per official, the bill will assist and safeguard hard-earned money of naive people who usually get duped by such Ponzi schemes for the lack of strict administrative measures.
Status of cryptocurrency regulation in India still awaits
This New Year has definitely arrived with more deviations, then what most of us might have expected. After all, while the government is all set to put a stop on illicit deposit-taking activities in the country, with it’s recently passed ‘Banning of unregulated deposit schemes bill, 2018’. Crypto traders are certainly anticipating to experience better days with reassuring government regulations and directions related to cryptocurrencies and alike.
