Crypto Bill unlikely to be introduced in Budget Session of the Parliament

The Centre may not table the much-awaited crypto regulation bill in the upcoming budget session of the Parliament, many new firms have reported currently. According to the reports, this is because there is a need to have more discussions on it and the government intends to build consensus over the provisions of the upcoming Bill.

The report also suggested that the bill, which initially aimed to prohibit cryptos but later was intended to regulate them, is not completely ready yet. The new suggested rules regarding the digital tokens were intended to be tabled before the Parliament during its winter session the previous month.

As per the reports, the government wishes to wait for the launch of the centrally controlled digital token by the Reserve Bank of India, which is anticipated in a few months.

According to officials, the cryptocurrency bill may not be presented in the budget session. It is a complex subject. This will need more time. According to sources, the government, though keen on introducing the bill soon, is also inclined in holding further discussions with stakeholders before introducing it. This is targeted at strengthening the views on a policy.

According to officials, the government is waiting for the Reserve Bank of India to offer its inputs after the pilot launch of its own digital token. The launch of legislative regulation on digital currencies and this token, in general, would also need amendments in the existing laws.

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