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The Indian government is reportedly trying to “speed up” an amended cryptocurrency bill that will be introduced in the winter session of Parliament. India’s crypto legislation should take a ‘middle lane’ approach to balance the concerns of all stakeholders.

India reportedly amended crypto bill to be introduced at start of Parliament’s winter session

India is currently working on the regulation of cryptocurrencies. The government is now considering taking a “middle path” that balances the concerns of all stakeholders to regulate cryptocurrencies, the Economic Times reported on Monday, citing an anonymous government source.

An outright ban on cryptocurrencies is not considered feasible given that a large number of Indians invest in crypto assets, the person explained, adding that making cryptocurrencies legal tender, such as the El Salvador did, is also not an option. The source said:

A balance must be found… A middle way that balances the concerns of all stakeholders is more likely.

Policymakers recently had a presentation, including by the finance ministry, on cryptocurrency, according to the publication. It covered the pros and cons of cryptocurrencies, regulation by other countries, Indian crypto investments, and the central bank’s perspective, the Reserve Bank of India (RBI), on crypto. India’s central bank has repeatedly stated that it has “serious concerns” about the crypto which have been communicated to the government.

Another presentation will likely be made on cryptocurrency taxation, the source said, noting that cryptocurrency legislation will be submitted to Cabinet after a legal audit, which is expected to take place in the next winter session of the Parliament. The winter session begins on November 29.

Additionally, CNBC-TV18 reported on Monday that the Indian government was working on amending a cryptocurrency bill. The publication also cited anonymous sources who said the bill would likely be introduced at the start of the winter session of Parliament.

In June 2019, India’s Ministry of Finance released a Cryptocurrency Bill titled “Cryptocurrency Ban and Regulation of the Official Digital Currency Bill”. He recommends banning all cryptocurrencies except those issued by the state. In January of this year, a bill with a similar title was entered for consideration in Lok Sabha, the lower house of the Indian parliament. However, it was not introduced. Since then, several reports have suggested that the government is considering regulating crypto as an asset class in India instead of banning it. In September, the chairman of India’s Parliamentary Standing Committee on Finance explained that India’s cryptocurrency legislation would be “separate and unique.”

The outlet further noted on Monday that finance ministry officials were trying to “speed up” a modified cryptocurrency bill.

Meanwhile, the RBI is also working on a central bank digital currency (CBDC), planning to unveil a digital rupee model by the end of the year. State-backed digital currency is expected to be launched in phases.

Do you think India will come up with positive crypto regulation? Let us know in the comments section below.

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