Centre intended to move revamped crypto bill at the beginning of Parliament’s winter session

The Centre is expected to move a revamped bill on crypto at the beginning of the Winter Session of the Parliament. According to sources, officials of the ministry of finance are working towards altering the recommended crypto legislation. A previous draft of the bill suggested a ban on the utilization of digital currency in India. As per reports, the officials of the ministry of finance are striving to ‘fast track’ the revamped crypto bill.

Parliament’s Winter Session is scheduled from November 29 to December 23. It is when the legislation is intended to be taken up. Earlier, a report suggested that the government would acquire a ‘middle path’ on the cryptocurrency bill. The report cited that a balance has to be found. It added that a final decision on the details of the recommended law would be taken soon. The bill would consider the technological developments in the digital asset world which the previous draft lacked.

In particular, the RBI had prohibited the cryptos but the Supreme Court struck down the order in March 2020. The government, which had discussed regulating crypto, said it was working with distinctive stakeholders. Nirmala Sitharaman, the finance minister of India said that the government wasn’t against crypto and will rather anticipate ways it can aid the nation’s fintech sector.

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