New Delhi: It looks like the wait on the regulatory framework around cryptocurrency will get longer as the much-awaited Cryptocurrency Bill is unlikely to be introduced in the ongoing winter session of Parliament. According to a Bloomberg report on Monday, the Center may not introduce the bill in this session as it is yet to finalize the details of its legislation.
Why is the bill likely to be postponed?
According to Bloomberg sources, Prime Minister Narendra Modi’s administration wants to hold extensive discussions on the matter before finalizing the rules governing digital currencies and there is not enough time due to the current session ending on 23 December.
Also, the cabinet has not approved the proposed law.
In fact, according to the schedule for the last week of the Parliament session, the cryptocurrency bill has been removed from the list of businesses shared on its website. However, the government can bring a law through an ordinance even when the Parliament is not in session.
The bill aims to help the central bank create an official digital currency, a detail on Parliament’s website mentioned in October.
The law seeks to “ban all private cryptocurrencies in India, however, it allows for certain exceptions to promote the cryptocurrency and the technology underlying its use,” the text read.
Meanwhile, according to data from Coinmarketcap.com, the prices of mainstream and meme coins declined at 5:00 PM on Monday.
Bitcoin (BTC) price was down 2.01 percent in the last 24 hours and was trading at $46,107.44 at 5:00 PM IST IST. Bitcoin dominance in the cryptocurrency market is currently at 40.58 percent, up 0.19% over the past 24 hours.
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