Cryptocurrency Bill: All eyes are currently on India’s Cryptocurrency Regulation Bill, which is likely to be introduced in the ongoing winter session of Parliament this year. Over the past few weeks, there has been much discussion and discussion about India’s move to cryptocurrencies, which are still unregulated in the country. According to a recent report in Economic Times, the Prime Minister Narendra Modi Will take a final call on the regulatory framework of the Bill as stakeholders have found themselves in conflict regarding the same. Prolonged deliberations, discussions and a possible move by the government to change the regulatory framework have delayed the introduction of the bill in Parliament.
Amid the ongoing discussions regarding regulation of cryptocurrencies, PM Modi on Friday said, “We should jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they can be used to empower democracy.” , not to undermine it.” At the beginning of the winter session, a few days after the Cabinet and the Reserve Bank of India’s representatives met, the Official Digital Currency Bill, 2021 for Cryptocurrency and Regulation was notified.
Here is what we know so far about the stance of the central government on cryptocurrency regulation in India:
PM Modi’s intervention to take the final decision came after a meeting between stakeholders on Thursday, including the RBI, which has repeatedly flagged concerns about unregulated cryptocurrencies in India. As reported by ET quoting sources, possible options for the bill include a “complete ban on private cryptocurrencies, a partial ban, allowing all categories of crypto products with regulation, or with regulations allowing a select few”.
Another ET report also suggested that the government may consider banning exchange-to-exchange transfers. As per the report quoting sources, a complete ban on trade exchanges is expected, and Wallet and Google Chrome extensions that hide the identity of merchants will also be banned. The government can also open its wallet to keep track of the transactions.
, cryptocurrency The report said the exchanges would also make quarterly disclosures to the government to maintain transparency. According to sources quoted by ET, the government is looking at implementing a system aimed at monitoring all inflows and outflows of the Indian rupee on Indian crypto exchanges. Only those exchanges will be allowed to operate in the country which can open their accounts for the government on a quarterly basis.
, India Sources told ET that the crypto is also considering appointing a capital markets regulator to oversee transactions. The report states that the central government is expected to give crypto holders a deadline to declare their assets in order to comply with the new rules. According to sources, anyone violating the rule could face a fine of up to Rs 200 million or a jail term of up to 1.5 years. The bill may also refer to cryptocurrencies as ‘cryptoassets’, and will not mention the RBI’s plans to launch a central bank digital currency.
Finance Minister Nirmala Sitharaman said earlier this month that the government has reworked a bill that proposes banning all cryptocurrencies, but has no plans to consider bitcoin as an official currency in the country. He dismissed any speculation about the upcoming bill and called it unhealthy. He confirmed that the government would prepare a well thought-out bill before introducing it in Parliament.
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