Great news for crypto traders! The government may not introduce a bill in the winter session of Parliament

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Great news for crypto traders! Government May Not Introduce Bill in Winter Session of Parliament | Photo credit: iStock Images

In a hiatus for crypto trading platforms and investors, the Official Cryptocurrency and Digital Currency Regulation Bill, 2021, which has been listed by the government as one of the items to order. of the day of the winter session of Parliament, may not be tabled during the current session. .

The government is considering changing the framework of the proposed legislation, which means it may not be introduced in the winter session, according to the Economic Times.

Some of the issues relating to the bill require further discussion and comment from the public. These include issues such as the inclusion of central bank digital currency (CBDC) under the current framework or under RBI law.

The government felt that any law regarding cryptocurrencies must be synchronized with a global framework that continues to evolve after discussing the issue at the highest level, according to the report, citing an anonymous government official.

“Perhaps it is better to wait and watch the situation evolve on a global scale,” they added. However, for the protection of consumers and the taxation of cryptocurrencies, existing laws and regulations could be exploited. , we estimated.

At the Democracy Summit hosted by US President Joe Biden, Prime Minister Narendra Modi called for synchronized efforts to shape social media standards and cryptocurrencies to ensure they are used to “strengthen democracy and not to undermine “.

The official further said any potential cryptocurrency cadre should be formed after consulting with all stakeholders as part of an evolving global consensus on the matter.

The government is also discussing whether the draft framework of the crypto bill should relate to the CBDC or not. The proposed digital currency could also be governed by RBI law, the government believes.

The Cryptocurrency and Official Digital Currency Regulation Bill, 2021 was originally listed for discussion and passage in the Budget Session of Parliament earlier this year, but the government decided to rework it before it was released. to file.

Some of the regulations being considered by the government, as previously reported, include the appointment of the Securities and Exchange Board of India (Sebi) to regulate the space as the government wishes to classify it as financial assets.

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