Prime Minister Narendra Modi is ready to make the final decision regarding the regulation of cryptocurrencies in India. According to several reports, the crypto bill has been finalized by the Ministry of Finance, but some sections of the bill require detailed discussions, after which the final decision will be presented by Prime Minister Modi.
A high-level meeting chaired by senior government officials on Thursday discussed various perspectives of the cryptocurrency bill amid conflicting views. The discussion will continue until Friday, after which the regulators will deliver their final verdict.
India’s latest call on cryptocurrency regulation
The meeting held on Thursday prompted government officials to discuss the conflicting cryptocurrency options in detail, bearing in mind concerns expressed by the Reserve Bank of India.
Options discussed at the meeting include imposing a complete ban on crypto activities in India, a partial ban, allowing all categories of crypto products with regulation, or simply selecting a few with regulation. , said a person familiar with the matter.
According to several reports, the discussion would continue until Friday before a final framework regulating cryptocurrencies is introduced in the Indian parliament.
The crypto bill also includes a provision to launch a government-backed CBDC, a digital currency to be issued by the Reserve Bank of India.
India’s cryptocurrency bill revised again
The talks are likely to weigh the pros and cons associated with trading crypto in India, after which “PM Modi will take the last call,” the person familiar with the matter said.
The Ministry of Finance has finalized the cryptocurrency project, but some segments of the bill require in-depth dialogue to discuss the general framework for how cryptocurrencies work in India. The amendments are said to be added later once the deliberations have been made and noted.
The bill was due to be presented in the last budget session, but was delayed because the government decided to change some sections of the proposed bill. Finance Minister Nirmala Sithraman also said the bill would first be approved by the Union Cabinet before being presented to parliament.
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