• Mukul

Don't Panic With The Crypto Ban Draft

As reported by Economic Times on June 12, 2020, India is going to introduce a law to ban cryptocurrency, which is not clear!

This recent article on cryptocurrency ban is confusing Indian crypto traders/investors, what to do? Well, no need to! It's not clear whether the ministry will work on the old bill or a new one. Here are 4 steps on how a draft works:

1) A draft is prepared:

As per Economic Times, the draft note has been prepared.

2) The prepared draft goes to inter-ministerial consultation:

In inter-ministerial consultation, different ministries do a consultation on the proposed draft & after the consultation is done, it moves to 3rd step.

3) Cabinet approval:

Cabinet is a supreme power consisting of union ministers, state ministers & much more who holds the right to approve the proposed draft. If the draft gets approved, it moves to 4th step.

4) Parliament final decision:

Once the draft is approved by the cabinet, it will be introduced as a bill in the parliament. A debate will be held where the opposition party puts his concerns & after a thorough discussion if the bill gets passed it will then take the form of a law & will implement in the country.

Right now, only 1st step has been taken & it's also not clear that what has been mentioned in that particular draft. All these 4 steps process for making a draft as a law of the country takes time & approval from all the parties.

Therefore crypto traders/investors do not need to worry as many Indian crypto companies are trying to help government to bring the right crypto regulations.

Share this news to keep the community positive!

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