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“RERA provides for registration of projects as mandated under Section 3,” said Simranjeet Singh, partner, Athena Legal. “However, the threshold limits as set out in Section 3 (a) are not being adhered to. Thus the onus is on the regulatory body to ensure effective enforcement of the said provisions and where any party is found to be in violation, appropriate action must be initiated as per the statute. One such provision is Section 59 of RERA.”

The Lok Sabha is set to discuss the country’s cryptocurrency regulation in the week beginning November 29. The lack of change in how the item was listed on the agenda led to some panic selling. This will be the second time this year that the government has listed the crypto bill as an agenda item.

Siddharth Mahajan, Partner at Athena Legal explained to Business Insider India that A"s with any new industry, innovation occurs before the regulation can catch up. This was true for industrialization, the digital age, and now web3. The only difference is that when it comes to the world of blockchain, developments are occurring faster than ever before — a growing pain for regulators, stakeholders, and investors alike. “A ban is certainly possible but enforcement of that could prove to be troublesome. It will give rise to a lot of illegal activity over the dark web etc. Hence, it will be prudent for the government to regulate it rather than completely ban it."

#bitcoin #cryptocurrency #WinterSession #Parliament #CBDC #privacycoins

The Indian government has listed its new crypto bill on the agenda of the upcoming Winter Session of Parliament, which starts on November 29. The description calls to “prohibit all private cryptocurrencies,” but has not defined what it means by ‘private’.

According to RAJAT PRAKASH, Managing Partner at Athena Legal told Business Insider India that “An inference can be drawn that generally anything not owned by the government is considered private. Also, it could mean that cryptocurrencies that are on private blockchain hence making them untraceable could be private cryptocurrencies.” It could also mean that non-government coins, which include everything from Bitcoin to Tether to Shiba Inu, won’t be legal tender and could be classified as an asset.

#bitcoin #cryptocurrency #WinterSession #Parliament #CBDC #privacycoins