The much-awaited Indian cryptocurrency bill might not get tabled during the ongoing parliament session as promised by the government earlier, said a report published in Economic Times.
The cryptocurrency bill in question was expected to bring new regulations for the Indian crypto market, and going by the hype around it along with the positive comments made by Indian Finance, many believed Indians could not just introduce but also pass the bill. However, as per the latest reports, the crypto bill hasnt been finalized.
The draft bill needs to get cabinet approval before being introduced for discussion in the parliament, and sources familiar with the matter said it hasnt been finalized yet.
The proposed ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is not on the agenda of Union Cabinet meeting scheduled on December 15, sources confirmed.
The ongoing parliament session has also been cut short amid protests from the opposition and the suspension of a few members of parliament. The suspended MPs have been protesting over the passing of key bills within minutes and without any deliberate discussion.
Indian Crypto Ecosystem Will Have to Wait Longer
The Indian cryptocurrency bill is getting delayed again and the growing Indian ecosystem would have to wait for another few months. However, the discussion around the bill as well as the assurance from the finance minister would surely give crypto entrepreneurs some hope. Nikhil Aggarwal, co-founder & CEO of GripInvest explained,
“Apart from SEBI‘s intent to protect the retail investor from an investment class that has been very speculative, often at the mercy of tweets, there have been recent reports of hacking, concerns around money laundering, and a lack of clarity on taxation and accounting. We appreciate the government’s timely involvement to build supportive regulations especially as the volume of trading being witnessed on cryptocurrencies has reached significant levels,”.
The government has put a “blanket ban” out of the picture and the Indian crypto platforms have been self-regulating for quite some time now. Thus, despite the delay, the Indian crypto exchanges can now freely run their platform without fear of intervention from the Reserve Bank of Indian (RBI) or other government entities.
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