Cryptocurrency Regulation Bill was tabled in parliament last month. The bill was scheduled to be discussed in the Winter session. However, that may not be happening. A new report has surfaced suggesting that the Cryptocurrency Bill will not feature in the next two days left for the last parliament session of the year. The winter session will end on December 23. Also Read - Crypto.com CEO confirms major data breach: Here’s what we know so far
A report by CNBCTV18, claims that the govt plans to delay the debate on the Cryptocurrency bill in order to gauge the legislations formed by other nations in order to be in line with international standards. The govt also plans to gain more feedback before implementing any new law around cryptocurrencies. Also Read - WEF Davos Agenda: PM Modi calls for collective global effort on cryptocurrencies
The Indian govt will be looking at how the situation evolves in the European Union countries and other markets to derive plans to build the new bill. Also Read - EV owners take notice! Govt releases notification for at-home electric vehicle chargers
The parliamentary bill was tabled in November. The new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is so important because it could decide India’s future with the crypto ecosystem.
According to the govt announcement, the new bill plans “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.” It further stated, “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
While there is no law in place right now to regulate cryptocurrencies, the govt is well in power to introduce an ordinance or even ban transactions till a conclusion has been reached upon.
The parliament will be re-convened during the Budget session in February. We can expect the Cryptocurrency Bill to be on the agenda.