Indian government officials reportedly said that India’s cryptocurrency bill will require more time because crypto is a complex subject. Accordingly, the bill will not be presented in parliament’s upcoming session. To reach consensus on crypto regulation, the government is reportedly seeking more meetings.
The Crypto Bill is unlikely to be introduced in the Budget Session
According to the Economic Times, Wednesday’s report by the Economic Times suggested that the Indian government might not present a cryptocurrency bill at the next session of Parliament.
According to the publication, the government is keen to have more conversations and reach consensus about the regulatory framework for crypto currency, which was relayed by unnamed officials who are familiar with the subject. According to a senior official from the finance ministry, this publication was informed:
It is possible that the crypto bill will not be presented in budget session. It’s a complicated subject. It will take more time.
The winter session of parliament was supposed to consider a bill on cryptocurrency, but the matter was not voted upon. According to reports, the government has begun to rework the bill.
Further, the official explained that after piloting its digital currency (CBDC), digital rupee (central bank digital currency), it was not necessary for the RBI to provide technical inputs. In the next few months, it is anticipated that the pilot launch will take place.
India’s central bank has recommended a complete ban on cryptocurrency. The RBI stated that it will not be possible to implement a partial ban at its most recent meeting. The central bank has repeatedly warned about the risks cryptocurrency poses to the country’s financial system.
In an earlier call for global cooperation, Narendra Modi, Indian Prime Minister called this week to address the problems posed by cryptocurrency.
The Union Budget provides tax clarity for the Indian crypto sector. The country’s Directorate General of GST Intelligence (DGGI) recently raided major crypto exchanges and found “massive” GST tax evasion.
What date do you believe India will regulate cryptocurrency? Please comment below.
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