RBI to launch digital currency soon

 RBI to launch digital currency soon, the bill may come in Lok Sabha next week

RBI Digital Currency: Existing crypto exchanges may be brought under the purview of market regulator SEBI. All these exchanges will be registered under SEBI.

RBI Digital Currency: The government is going to take an important step soon regarding digital currency in India. The cryptocurrency will be discussed at a cabinet meeting this week and a cabinet note may come up. The government may bring a bill in the Lok Sabha next week with the intention of regulating cryptocurrency. The proposed bill will clarify the definition of cryptocurrency. Cryptocurrency is considered an asset or currency, it is yet to be decided. At the same time, the outline of the Reserve Bank's digital currency will be determined.

The bill to be introduced by the government on cryptocurrency will decide the future of all other cryptocurrencies in India. The proposed bill would not allow transactions by cryptocurrency. So the existing crypto exchange market can be brought under regulator SEBI. All these exchanges will be registered under SEBI and action will be taken against those who do not provide information. The Prevention of Money Laundering Act provides for action.

Finance Minister Nirmala Sitharaman has clarified that the new bill is being worked on and regulation is being framed. Parliament's standing committee has also recommended regulation. In such a case, it is assumed that cryptocurrency may be banned. Meanwhile, the Reserve Bank will launch its digital currency.

What will happen to investors?

One of the big questions in regulating cryptocurrency is what will happen to those who have invested in it. According to information, the government may give some time to those who have invested in cryptocurrency through the scheme. The government will consider imposing a tax and it will be announced in the budget. Section 26A of the IT Act will be amended. It is proposed to add a term like digital currency or cryptocurrency.

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Apart from this, the taxpayer has to provide all the information at the time of filing the income tax return. KYC of account holders will be mandatory along with crypto trending exchanges. All the details of the investors will be kept and the existing rule related to asset information will be changed. So it will be mandatory to provide information on cryptocurrency or other digital currency abroad.