by Rushali 
Rahul Pagidipati, ZebPay CEO, has supported the bill proposal made by the Indian Government. While he also asked what the bill means by “private cryptocurrencies”.
He sid;
“The digital currency bill to be introduced before the Lok Sabha is a welcome step forward. Its success will depend on the details, particularly the definition of what the bill calls “private cryptocurrencies”. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet.”
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The law will “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the Lok Sabha website on Friday.
It further added;
The legislation, listed for debate in the current parliamentary session, seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”
Rahul further said:
“Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender. Crypto assets and digital government currency can co-exist and together, they can bring tremendous benefits to the Indian economy, We hope the Lok Sabha members and advisors will consult crypto and blockchain companies as they make their decisions. Millions of Indians have already invested in this new asset class. Millions more want the same opportunity to build wealth that investors in other countries already have. We have faith in the government and hope that this bill will move India forwards, not backward.”
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Zebpay”s Twitter handle had tweeted;
“First of all, ZebPay will advocate with respect and honesty for as long as it takes to give every Indian the chance to be part of the coming digital economy, equal to citizens of other countries… We know for sure that the government is committed to making India a global leader in innovation. We have faith that the final law will move India further towards that goal.”
In 2019 the RBI has banned cryptocurrencies, which decision was overturned by the Supreme Court in March 2020. Now, this bill will bring some more clarity about the cryptocurrency status in India.
