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Indian government officials have reportedly said that India’s cryptocurrency bill will need more time as crypto is a complex subject. It is therefore unlikely that the bill will be introduced in the next session of parliament. The government would like to hold more discussions to reach consensus on a regulatory framework for crypto.
Crypto Bill Unlikely to Come to Parliament Budget Session
The Indian government may not introduce a cryptocurrency bill in the next session of parliament, the Economic Times reported on Wednesday.
The government wants to hold more discussions and build consensus on the cryptocurrency regulatory framework, the publication said, citing unnamed government officials with knowledge of the matter. A senior finance ministry official told the publication:
The crypto bill cannot be introduced in the budget session. It is a complex subject. It will take more time.
A cryptocurrency bill was listed for consideration in the winter session of parliament, but it was not picked up. The government is said to be reworking the bill.
The official further explained to the outlet that the government wants to wait for technical inputs from the central bank, the Reserve Bank of India (RBI), after the pilot launch of its central bank digital currency (CBDC), the digital rupee. The pilot launch should take place in the coming months.
India’s central bank has recommended a complete ban on cryptocurrency. At its recent central board meeting, the RBI said a partial ban would not work. The central bank has repeatedly warned of the risks that cryptocurrency poses to the country’s financial system.
Earlier this week, Indian Prime Minister Narendra Modi called for global collaboration to address the challenges posed by cryptocurrency.
Meanwhile, the Indian crypto industry is seeking fiscal clarity in the Union budget. The country’s Directorate General of GST Intelligence (DGGI) recently raided major crypto exchanges and uncovered “massive” GST tax evasion.
When do you think India will finally regulate cryptocurrency? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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