Indian Government Seeks Wider Consultation Before Finalizing Crypto Bill: Report
The cryptocurrency bill that was listed to be taken up in the current session of parliament is reportedly being reworked. The government seeks wider consultation on crypto before finalizing the rules to govern digital currencies in India. Indian Government Seeks More Consultation on Proposed Crypto Legislation
India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. The bill is not on the list of business to be taken up in the last week of the winter session of parliament, Bloomberg reported Monday, noting that the government can still bring in the legislation through an ordinance after the session.
The government is still finalizing details of the cryptocurrency legislation, the news outlet noted, citing people with knowledge of the matter. Last week, local media reported that the government is planning to make additional changes to the cryptocurrency bill. The country’s finance minister, Nirmala Sitharaman, recently said that the bill needed to be reworked.
The publication conveyed: Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies and there isn’t enough time as the current session ends on December 23.
The Indian government is reportedly planning to regulate crypto assets but ban the use of cryptocurrencies for payments. There will also be a deadline set for investors to declare their crypto holdings.
Indian Prime Minister Narendra Modi said last week that cryptocurrency should be used to empower democracy. He is expected to take a final decision on the country’s crypto legislation.
Last week, the Reserve Bank of India (RBI), the country’s central bank, said at its central board meeting that a blanket ban on cryptocurrencies is needed because a partial ban will not work. RBI Governor Shaktikanta Das has repeatedly said that the central bank has serious and major concerns regarding cryptocurrency. Tags in this story India, indian crypto bill, indian cryptocurrency bill, indian parliament, lok sabha
When do you think India will finally regulate crypto? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Cryptocurrency Bill Advances to Chamber of Deputies in Paraguay REGULATION | 12 hours ago Indian Lawmaker Says Crypto Must Be Blocked if Used for Illegal Purposes REGULATION | 18 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says ‘Downward Force Still Strong’ Next articleBitcoin’s Bearish Prices at the End of 2021 Not Much Different Than 8 Previous Year-End Cycles Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNBA Legend Kevin Durant Joins Coinbase to Help Promote the Crypto Exchange’s Brand
American professional basketball player for the National Basketball Association (NBA) Kevin Durant, is joining Coinbase according to a recent report from Bloomberg. According to the report, Durant will appear as “a face of the brand” and will help promote the ... read more.Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs New Cryptocurrency Bill Advances to Senate in Brazil Snoop Dogg, Deadmau5 and NFTs — The Sandbox Alpha Game Review Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735%