Crypto bill restrained from the Parliament

According to reports, India’s hot topic crypto bill, which suggests strict regulations be imposed in the cryptocurrency sector, is not likely to be presented before the Parliament during the winter session after all. Citing sources, a few reports mention that the government is currently gathering information on how other countries are thinking about restricting cryptos. The development comes after a month post this cryptocurrency bill was listed on the agenda of the Parliament but wasn’t presented in this session.

The government wants to observe how global regulations on crypto advance in the European Union (EU) and other jurisdictions. The Budget session, i.e., the next session will begin sometime in February 2022. Last month, the cryptocurrency market was left disturbed when the Parliamentary agenda included a bill looking forward to banning all private cryptos from operating in the nation.

The same agenda mentioned that the Government of India is fascinated in introducing a Central Bank Digital Currency (CBDC) to experiment with the underlying blockchain technology of cryptos and its various uses. Lately, the Reserve Bank of India (RBI) and the government are outreaching the Basel, headquartered in Switzerland, Bank for International Settlement (BIS) to comprehend more about the flourishing cryptosystem. Earlier this month, India’s most anticipated crypto bill which was expected to reach the parliamentary table during its winter session was sent to the Cabinet for approval. There has been no official word on the bill since.

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