Report – Regulation Bitcoin Information
Indian government officials reportedly said that India’s cryptocurrency law will take more time as crypto is a complex topic. It is therefore unlikely that the bill will be tabled in the upcoming session of Parliament. The government reportedly wants to hold further talks to reach consensus on a regulatory framework for crypto.
Crypto Bill is unlikely to be presented in Parliament’s Budget Session
The Indian government may not introduce a cryptocurrency law in the upcoming session of Parliament, the Economic Times reported on Wednesday.
The government intends to hold further discussions and reach consensus on the regulatory framework for cryptocurrencies, the publication said, citing unnamed government officials with knowledge of the matter. A senior Treasury Department official told the publication:
The crypto bill must not be brought into the budget session. It’s a complex subject. This requires more time.
A cryptocurrency bill was listed for Parliament’s winter session but not acted upon. According to reports, the government is now revising the draft law.
The official went on to tell the news outlet that the government will wait for technical input from the central bank, the Reserve Bank of India (RBI), after the pilot launch of its central bank digital currency (CBDC), the digital rupee. The pilot launch is scheduled to take place in the coming months.
The Central Bank of India has recommended a total ban on cryptocurrencies. At its recent central board meeting, RBI said a partial ban would not work. The central bank has repeatedly warned of the risks that cryptocurrencies pose to the country’s financial system.
Earlier this week, Indian Prime Minister Narendra Modi called for global collaboration to address cryptocurrency challenges.
Meanwhile, the Indian crypto industry is scrambling for tax clarity in the Union budget. The country’s Directorate General of GST Intelligence (DGGI) recently raided major crypto exchanges and found “massive” GST tax evasion.
When do you think India will finally regulate cryptocurrency? Let us know in the comment section below.
As an Austrian economics student, Kevin discovered 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 economics and cryptography.
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