The approval of Unregulated Deposit Schemes Bill, 2018 cabinet brought about a frenzy when some Indian media houses manipulated the news and connected the generally bill with the digital currencies and bitcoin. A few media houses were even reported to try and call it “bitcoin bill” which is a bogus interpretation of the news.
In any case, it’s vital to see that, despite the fact that the government has just equated Bitcoin and digital currencies with Ponzi scheme, no different or particular mention of words like ICO, digital currency or Bitcoin can be found in the draft.
As of late, The Indian Union Cabinet discharged ‘The banning of unregulated deposit schemes bill, 2018’ with the approval from PM Modi in parliament. Be that as it may, surely few missing words like ’cryptocurrencies’, Bitcoin and more’ certainly conveyed a breath of relief to traders who are as yet hoping to see recovered days in new digital currency India.
With an aim to stop illegal deposit taking actions, the government has chosen to deny and make a stern move against organizations and institutions running/planning to run such schemes. According to official, the bill will help and shield hard-earned money of gullible individuals who generally get tricked by such Ponzi schemes for the absence of strict administrative measures.
This New Year has certainly landed with more deviations, at that point what the vast majority of us may have anticipated. All things considered, while the government is good to go to put a stop on unlawful deposit taking activities in the nation, with it’s as of late passed ‘Banning of unregulated deposit schemes bill, 2018’. Crypto traders are unquestionably expecting to encounter better days with consoling government controls and directions identified with digital currencies and alike.