The Government of India was criticized severely to introduce new laws for crypto during the Parliament’s Winter Session which started on November 29. The session has concluded and the crypto bill didn’t make it to the table.
This is the second time that ‘The Crypto and Regulation of Official Digital Currency Bill, 2021’ was listed on the agenda but got postponed. The previous time it got deferred was in February during the Budget Session of Parliament.
As per Nirmala Sitharaman, the Finance Minister, the suggested guidelines are still waiting on the sign-off for India’s highest decision-making body, the Cabinet. She also guaranteed that the awaiting cryptocurrency bill is most obviously distinctive from its 2019 recurrence, which prohibited all cryptocurrency-associated activities in the nation.
Though, the government has been quiet on why there is so much delay for the cryptocurrency bill to receive the nod. The Reserve Bank of India, India’s central bank has been disagreeing with Shaktikanta Das, the governor, repeating that the institution has ‘serious concerns’ when it comes to cryptos and has conveyed the same to the government.
As per a report, earlier this week, the Reserve Bank of India said to its board that it is in favor of a complete ban on cryptos.