Indian crypto bill unlikely to be introduced in parliament this winter, report says
Despite the Indian government’s interest in cryptocurrency, a bill is unlikely to be introduced in parliament this winter. The new report cites the lack of political consensus as one reason for its delay.
The “india cryptocurrency” is an article that says that the Indian crypto bill will not be introduced in parliament this winter. This means that there is still a chance for the bill to be passed before the end of 2019.
The Indian cryptocurrency law has been stalled again again, according to Bloomberg, with sources confirming that the bill would not be submitted in the parliament’s winter session this year.
Bloomberg has learned from individuals familiar with the situation that Prime Minister Narendra Modi’s administration intends to have larger discussions before adopting the basic laws needed to regulate digital currencies. According to the sources, there isn’t much time to review significant procedures since the parliament’s winter session ends on December 23.
The Indian cryptocurrency law has been postponed again again.
The crypto measure has been removed from the list of other scheduled agendas on the parliament’s official website, indicating a postponement. When the parliament is not in session, however, the law may still be discussed via an ordinance.
The Indian government has already said that it is working on substantial revisions to the law, including sections that might assist control digital currencies more efficiently.
The proposed cryptocurrency law also calls for the creation of central bank digital currencies, or CBDCs, supported by the Reserve Bank of India.
With over 15 million individuals investing in different cryptocurrencies, India is one of the top countries when it comes to cryptocurrency trading.
The law aims to regulate the cryptocurrency ecosystem in response to requests for tougher regulations to combat money laundering and cryptocurrency frauds.
The law is now being changed to add more pertinent terms and amendments, according to earlier reports. India’s Finance Minister, Nirmala Sitharaman, has also said that the law would not outright prohibit cryptocurrencies, but rather classify them as an asset class for effective regulation.
RBI is also gathering critical comments on international rules for the bitcoin business, according to sources.
According to the sources, “the administration wants to watch how global norms on cryptocurrencies grow in the EU and other countries.”
Meanwhile, the Reserve Bank of India is engaging the Bank of International Settlements (BIS) on the emerging cryptocurrency environment, according to sources.
Posted in: India, Legislation, Regulation
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