Parliament’s Winter Sessions in India nears a close with no cryptocurrency bill insight.
The government is yet to confirm if the proposed crypto regulations will surface during the upcoming Parliament’s session, which will begin in February.
Nirmala Sitharaman, Finance Minister, revealed that the pending crypto bill still awaits the green light from India’s top-most decision-making body, the Cabinet.
The Indian authority planned to present new crypto regulation during the Parliament’s winter session, which started on 29 November. However, the said session has concluded without a crypto bill mention.
Meanwhile, it is the 2nd time the government has faild to discuss a proposed crypto bill. The first time was during February’s Budget Session of Parliament.
According to Nirmala Sitharaman, Finance Minister, the unresolved rules are awaiting a go-ahead from the Cabinet, the top decision-making body in the nation. Also, she revealed that the proposed bill would defer from the 2019 iteration that banned all crypto-associated activities in the country.
Nevertheless, the government remained silent on why it took longer to pass the cryptocurrency bill. The Reserve Bank of India’s governor Shaktikanta DAS stated the institution had severe concerns for crypto and communicated that to the Indian government. Economic Times report revealed that the RBI board favors a complete cryptocurrency ban.
New Cryptocurrency Regulation or no Bill?
IndiaTech CEO Rameesh Kailasam trusts that there are possibilities India might not introduce a separate law for digital coins if the authorities make changes in different regulations that existed – like those to oversee international transactions and money laundering.
If regulators are writing a new law, it has to pass through the processes of writing, approval by ministry, cabinet sign, Parliament introduction, debate, and acceptance in both houses and presidential assent. Moreover, it will need changes in relevant rules and laws. That way, investors may have to wait until the budget sessions for detailed moves on the crypto bill.
What are your thoughts on the Indian cryptocurrency bill? When will the government’s indecision end? Moreover, what are the probable outcomes, bill or no bill? You can share your thoughts in the comment area below.
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