Cryptocurrency Bill 2021 – Is it Time to Sell?
                     Cryptocurrency Bill 2021 – Is i
t Time to Sell?
Cryptocurrency Bill 2021
Did you invest in Bitcoin? Or any other Cryptocurrency? If 
yes, then the worry is real. And now you are wondering if 
the new Cryptocurrency Bill 2021 will ban this digital 
currency.
Don’t worry! You are not alone. Around 7 million Indians 
are a part of blockchain technology, contributing about $1 
billion. That’s true! It’s 10 crore rupees. And do you think 
the government is ready to face another backlash by 
making you all lose that much money? Let’s find out.
The Cryptocurrency Bill 2021 i
n India
Recent government announcements have created hype and many speculations around 
blockchain technology’s future in India. They say the proposed Cryptocurrency bill 2021 is 
designed to ban all those private digital currencies. However, the bill is still a proposal and 
will get an introduction in the parliament soon. Once it reaches a clearance, it will bar all 
individuals, exchanges, traders, and others from dealing with cryptocurrencies legally. And 
any violation may attract strict legal actions.
In 2018, RBI sent a circular to all entities. That was an advisory 
for all financial enGtitieos vfor not delivering any service or dealing with virtual currencies. ernment ideas
In 2019, a government committee provided a suggestion to ban 
all private digital currencies. The suggestion also included 
heavy penalties and 10-year imprisonment for those dealing in 
cryptocurrencies.
In 2020, Supreme Court acted against the government’s will. It 
allowed banks to handle transactions from exchanges and 
traders involving cryptocurrencies, overturning RBI’s circular.
In 2021, the government proposes a new bill, “The 
Cryptocurrency and Regulation of Official Digital Currency Bill, 
2021.”
Besides the ban, another part of the bill suggests a new, 
regulated Cryptocurrency in India. Approval to the draft will 
allow RBI to create, monitor, and control Central Bank Digital 
Currency (CBDC) just like INR.
So, Should You Still Buy and 
As of nSowe, tlhle  Cbillr isy sptill tino dcrauft, ranrde ynouc arye ?safe until it gets 
approval. And there’s still a lot hidden under the cover to see what 
it will exactly ban and allow. This means you are free to involve in 
crypto trading until the next big update from the parliament.
Even if the government gets a nod to ban private virtual currencies, 
you might get some time to liquidate your investments. After all, 7 
million and $1 billion aren’t small numbers.
In short, the answer to “Should I sell my Cryptocurrency?” is “Not 
immediately.” Avoid creating any panic, and if you want to play 
safe, you can prepare a withdrawal strategy. This, definitely, should 
have a reinvestment plan to keep your funds growing. Drop your 
views on this government’s move against private cryptocurrencies.
 Stay tuned for the latest Cryptocurrency n
ews. 
Subscribe now.
Read more about technology related articles