Why the delay in listing the crypto bill in Parliament?

Uncertainties around cryptocurrencies in India won’t be fading away anytime soon. Known as the Crypto Bill, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was not listed among the 23 bills in the tentative list of government legislative and financial business to be tabled during the Monsoon Session in the Lok Sabha of the Indian Parliament.

Here are the reasons as to why Cryptocurrency Bill, 2021 got delayed against widespread expectations.

  • The relative uncertainty of cryptos is among many issues within the government. Though the Reserve Bank of India expects a ban on cryptocurrency, the government is not in the favor of it. Instead, the government is more in favor to consider cryptos as a tradeable asset class.
  • The Reserve Bank of India (RBI), the Ministry of Finance, Indian stakeholders and banks are further considering taking a holistic decision on crypto before presenting the bill in Parliament.
  • Also, crypto regulation is not on the Centre’s economic agenda presently. According to policymakers, the crypto market is observing substantial investments but the crypto market’s impact on the Indian economy is not much.

It is not the first time that the crypto bill is not presented in Parliament. Before also, the bill was expected to be tabled during the Budget Session. But this wasn’t possible due to the widespread of the novel Coronavirus pandemic.

Further, the officials refrained from commenting as to whether the bill will be listed later in the Winter Session this year or in the future.  This leaves the fate of the crypto bill uncertain for an indefinite time.

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