Indian government officials reportedly said that India’s cryptocurrency bill will require more time because crypto is a complex subject. The bill is therefore unlikely to be introduced in the upcoming session of parliament. The government reportedly wants to hold more discussions to build a consensus on a regulatory framework for crypto.
Crypto Bill Unlikely to Be Introduced in the Budget Session of Parliament
The Indian government may not introduce a cryptocurrency bill in the upcoming session of Parliament, the Economic Times reported Wednesday.
The government wants to hold more discussions and build consensus on the regulatory framework for cryptocurrency, the publication conveyed, citing unnamed government officials with knowledge of the matter. A senior finance ministry official told the publication:
The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time.
A cryptocurrency bill was listed to be considered in the winter session of parliament but it was not taken up. The government is now reportedly reworking the bill.
The official further explained to the news outlet that the government wants to wait for technical inputs 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 expected to take place in the coming months.
India’s central bank has recommended a complete ban on cryptocurrency. In its recent meeting of the central board of directors, the RBI said that a partial ban will not work. The central bank has repeatedly warned about the risks cryptocurrency poses to the country’s financial system.
Earlier this week, Indian Prime Minister Narendra Modi called for a global collaboration to tackle the challenges brought by cryptocurrency.
Meanwhile, the Indian crypto industry is seeking 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 comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
More Popular NewsIn Case You Missed It
Near Foundation Raises $150 Million to Bolster Web3 Adoption
On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% … read more.