The Indian government is reportedly making additional changes to the country’s crypto bill. This bill is currently being considered for the next session of parliament. It may instead be brought up during the budget session. According to reports, the government could also “consider bringing an ordinance or special order after the session.”
Indian Crypto Bill needs more work
India’s government is planning additional modifications to the crypto bill. The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is currently listed to be considered in the winter session of parliament.
Business Today was informed Thursday by a top government official that they are considering revising the bill, and would likely present it during the February budget session. According to an unnamed official,
There are still discussions going on and important issues such as the handling of private cryptocurrency, regulation of global practices and the justification for it all are being considered again.
The Indian government calls all cryptocurrencies that are not issued by the central bank “private cryptocurrencies,” including bitcoin and ether.
NDTV reported Wednesday as well that government plans to amend the bill. Citing unnamed sources, the publication said the government wants India’s crypto regulation to be in tandem with the global framework but does not want to rush on the crypto law. The news outlet also stated:
More changes are likely in the crypto bill … and the Centre might consider bringing an ordinance or special order after the session.
The country’s finance minister, Nirmala Sitharaman, recently said that the crypto bill needed to be reworked before submitting to the cabinet.
The current bill seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the legislative agenda for the winter session of Lok Sabha, the lower house of India’s parliament.
Although the details of this bill have not been released by the government, reports suggest that India plans to regulate cryptocurrency assets with the Securities and Exchange Board of India, (SEBI), as its main regulator. In addition, the government is planning to ban crypto’s use for payments and will set a deadline for investors to comply with new regulations and declare their crypto assets.
Indian Prime Minister Narendra Modi was involved in the finalization of cryptocurrency legislation in India. He has chaired a few high-level meetings on cryptocurrency and is reportedly taking a final decision on the country’s crypto regulation.
At the U.S. President Joe Biden’s summit on democracy last week, he stated that crypto should be used for strengthening democracy and not destroying it. The hacker then took control of his Twitter account and posted a fake tweet claiming that India adopted Bitcoin as legal tender. He also purchased 500 BTC for distribution to Indian residents.
What date do you believe India will regulate cryptography? Please comment below.
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