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The Indian government is reportedly making further changes to the country’s crypto bill. The draft law listed for the current parliamentary session can instead be taken up in the budget session. The government may also reportedly “consider issuing an ordinance or special order after the meeting”.

Indian crypto bill needs more work

The Indian government is reportedly planning further changes to the crypto law. The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is currently to be dealt with in Parliament’s winter session.

However, a senior government official told Business Today Thursday that the government was considering revising the bill and would likely introduce it at the February budget meeting. According to the nameless officer:

Discussions are ongoing and key issues such as how to deal with private cryptocurrencies, the rationale for regulation and global practices are being re-examined.

The Indian government refers to all cryptocurrencies that are not issued by the central bank as “private cryptocurrencies”, including Bitcoin and Ether.

In addition, NDTV also reported on Wednesday that the government was making some changes to the bill. Citing unnamed sources, the publication said the government wanted India’s crypto regulation to be in line with the global framework but did not want to rush crypto law. The news agency added:

Further changes in the crypto bill are likely … and the center might consider issuing an ordinance or special order after the meeting.

The country’s finance minister, Nirmala Sitharaman, recently said the crypto law would need to be revised before it could be presented to cabinet.

The current bill aims to “ban all private cryptocurrencies in India, but allow certain exceptions to promote the underlying technology of the cryptocurrency and its uses,” according to the legislative agenda for the winter session of Lok Sabha, the lower house of India’s parliament .

Although the government has not released details of the bill, there have been reports that India plans to regulate crypto assets, with the Securities and Exchange Board of India (SEBI) being the main regulator. In addition, the government plans to ban the use of crypto for payments and will set a deadline for investors to comply with new regulations and declare their crypto assets.

Indian Prime Minister Narendra Modi was in some way involved in finalizing cryptocurrency legislation in India. He has chaired several high-level meetings on the topic of cryptocurrency and is reportedly making a final decision on crypto regulation in the country.

Last week, at the Summit on Democracy hosted by US President Joe Biden, he said that cryptocurrency should be used to strengthen democracy, not undermine it. His Twitter account was then hacked and a tweet was falsely alleged that India introduced Bitcoin as legal tender and bought 500 BTC to distribute to all residents.

When do you think India will finally regulate crypto? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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