Reportedly, the bill on cryptocurrency that was to be considered in the current parliament session is being revised. Before finalizing rules for digital currency governance in India, the government is seeking more consultation.
Indian Government Wants to Consult More on Crypto Legislation
India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. Bloomberg Monday reported that the bill was not included on the final week’s business list for the winter session. Bloomberg also noted Monday that the government could still introduce the legislation by way of an ordinance following the session.
The details of cryptocurrency legislation are still being finalized by the government, according to the news outlet. Local media reports that there are plans to amend the bill to include additional modifications. The country’s finance minister, Nirmala Sitharaman, recently said that the bill needed to be reworked.
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Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies and there isn’t enough time as the current session ends on December 23.
According to reports, the Indian government plans to ban cryptocurrency payments and regulate crypto assets. Investors will be required to report their crypto assets by a certain date.
Last week, Indian Prime Minister Narendra Modi stated that crypto should be used for democracy empowerment. He is expected to take a final decision on the country’s crypto legislation.
Last week, the Reserve Bank of India (RBI), the country’s central bank, said at its central board meeting that a blanket ban on cryptocurrencies is needed because a partial ban will not work. Shaktikanta Das, Governor of RBI has stated repeatedly that there are serious concerns about cryptocurrency.
What date do you believe India will regulate cryptography? Please comment below.
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