India’s talk-about Cryptocurrency Bill, which proposes stringent restrictions be impose in the crypto sector, is not expect to be present before the Parliament during the winter session after all, as per reports.
Some reports now say that the government is presently collecting information on how other nations are planning on regulating cryptocurrencies.
This development comes a month after this crypto bill was list on the Parliament’s agenda, but was not brought up this session.
Report by CNBC TV18 quoted government sources as saying :
“The government wants to see how global standards on cryptocurrencies evolve in the European Union (EU) and other jurisdictions,”.
The next session, the Budget session, will start sometime in February 2022.
The crypto market was left shaken last month when the Parliamentary agenda include a bill seeking to prohibit all private cryptocurrencies from operating in the country.
The same agenda also list that the Indian government is interest in launching a Central Bank Digital Currency (CBDC) to experiment with the underlying blockchain technology of cryptocurrency and its uses.
Government and the Reserve Bank of India (RBI) are reaching out to the Basel, Switzerland-headquartered Bank for International Settlement (BIS) to understand more about the evolving cryptocurrency framework.
India’s much awaited crypto bill which was suppose to reach the Parliamentary table during its winter session was sent to the Cabinet for approval earlier this month.
There has been no official word on the bill since.
The same bill was also list for the budget session of 2021, but again did not get to the discussion round at the time as well.
A lot has been going around the crypto space in India meanwhile.
Many studies from research firms like Watcher Guru and BrokerChoose have reveale that India has the highest number of crypto investors in the world.
The number is around 100 million.
Prime Minister Narendra Modi also call out for norms that would shape up the crypto space to “empower” democracy and not “undermine” it.
In 2021, companies related to the crypto sector manage to grab $30 billion (approx. Rs. 2,27,617 crore) in funding and investment from venture capital firms making it the highest collection so far, a report reveal.
In order to help India-base blockchain entrepreneurs, the Telangana government are also bringing a Blockchain Accelerator plan to give some startups the necessary assistance to succee.
Disclaimer :
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by 2YODOINDIA. 2YODOINDIA shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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