India’s crypto bill unlikely to be presented to parliament this winter, report says

According to Bloomberg, India’s cryptocurrency bill was once again scrapped, with sources confirming the bill may not be introduced in the winter session of parliament this year.

Sources familiar with the matter also told Bloomberg that Prime Minister Narendra Modi’s government wants broader consultations before finalizing the core rules required to regulate digital currencies. the sources also said there was not much time to assess the main debates as the parliament’s winter session ends on December 23.

India’s cryptocurrency bill postponed again

The schedule shown on the parliament’s official website removed the crypto bill from the list of other planned programs, signaling the postponement. However, the legislation can still discuss the bill through an ordinance in terms when parliament is not in session.

The Indian government had previously indicated that the authorities were working to make important changes in the bill, including clauses that can help effectively regulate digital currencies.

The Cryptocurrency Bill also aims to establish central bank digital currencies or CBDCs, which will be backed by the Reserve Bank of India.

India is one of the leading countries in cryptocurrency trading, with around 15 million people investing their stake in various cryptocurrencies.

The bill aims to regulate the cryptocurrency ecosystem amid calls for the implementation of stricter rules to prevent money laundering and crypto scams.

It was before reported that the bill is being amended to include more relevant sections and changes. Indian Finance Minister Nirmala Sitharaman also acknowledged that the bill will not impose an outright ban on cryptocurrencies, but will classify them as asset class practice effective regulation.

Sources also said that RBI is also in the process of gathering critical comments on international regulations for the cryptocurrency industry.

“The government wants to see how global cryptocurrency standards evolve in the EU and other jurisdictions,” the sources said.

Meanwhile, the reports Also mention the Reserve Bank of India consulting with the Bank for International Settlements (BIS) on the evolving cryptocurrency framework.