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Cryptocurrency bill discussion delayed; Indian government does not want to rush on the law

Cryptocurrency bill discussion delayed; Indian government does not want to rush on the law

The cryptocurrency bill that was ideally scheduled to be discussed in the Indian Parliament today has been delayed, this procrastination was a foreseen one. The other probability for the discussion of the bill and the cabinet approval would be the last day of the winter session, 22 December 2021.

It seems like the most awaited bill in India, the Cryptocurrency bill, might not be discussed in the parliament until the next session begins, which might be around late January or the beginning of February. The government doesn’t want to rush on the law, according to NDTV.

More likely changes in the Cryptocurrency bill

According to the Media cited sources, there might be more changes to the anticipated bill. They have also stated that the Central Government of India (GOI) might consider bringing in more ordinances or a special order after the session.

Since there are 5 Indian states that are slated for elections, it is guesstimated that the ordinance for the crypto bill will be discussed after the elections. GOI conjectures its cryptocurrency regulations to be in accordance with the global framework.

This bill allows cryptocurrency as only an asset and completely ban the use of it as currency or payments. It also proposes an establishment of a framework to record, share and synchronize transactions, and to set the foundation to create a new digital currency to be issued by the Reserve Bank of India (RBI) and regulated under the RBI Act.

The cryptocurrency bill scouts to reduce the financial stability risks by guarding the former financial sector from crypto assets. The Bill also discusses that the crypto regulator will be the RBI and it will be regulated by the market regulator, Securities, and Exchange Board of India (SEBI). It also proposes to prohibit all other private cryptocurrencies in India and to facilitate regulation.

India has a high size of crypto assets in India that is about ₹45,000 crore with 15 million investors. This gives hope the GOI can announce an ordinance even before presenting a bill if the need arises.

Published at Wed, 15 Dec 2021 15:28:35 +0000