Proposed crytocurrency bill It may not be presented during the ongoing winter session of Parliament, sources told News18.com. Center is still working on a proposed bill to finalize a legal framework cryptocurrency in india, The government has held extensive consultations with various stakeholders to bring out a comprehensive cryptocurrency bill.
Finance Minister Nirmala Sitharaman had earlier said that the Center will bring a new bill on cryptocurrencies in the Parliament after the approval of the Union Cabinet. Sources confirmed that the proposed ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is not on the agenda of the Union Cabinet meeting to be held on December 15. It is noteworthy that the winter session of Parliament will end on December 23.
The Cryptocurrency Bill: Not a Blanket Ban
“The bill also seeks to ban all private cryptocurrencies in India,” the statement listed for the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ said. As news emerged of a cryptocurrency bill being introduced during the winter session, investors began to panic amid fears of a complete ban on private currencies. However, the central government later clarified that they are reworking the bill and it will take into account the interests of various stakeholders and the rapidly changing landscape of the virtual currency space. “Yeah, last time [monsoon session] There was a Bill but later because there were other dimensions… that Bill has been reworked. And in a way, the bill which is coming now is a new bill. But, no matter what, all the work done on that bill has been taken on board here,” the finance minister mentioned.
“There were other dimensions and the old bill had to be reworked and now we are trying to work on a new bill,” the finance minister said.
Replying to a question related to cryptocurrency regularization in India, Sitharaman earlier in the Rajya Sabha said, “It is a risky area and not in a full regulatory framework. No decision was taken on staying its advice. RBI and SEBI Steps are being taken to create awareness through
“There is no doubt that the technology underlying cryptocurrencies i.e. blockchain is a game-changer in the way records are kept and transactions transacted. While we would encourage governments and regulators to create an enabling environment for innovation, the ideas around cryptocurrencies seem manifold and mandate a debate and policy to ensure a healthy long-term growth for all stakeholders. Apart from SEBI’s intent to shield the retail investor from an investment class that is often at the mercy of tweets Recently, there have been reports of concerns about hacking, money laundering, and a lack of clarity on taxation and accounting. We appreciate the timely involvement of the government in building supportive rules, said Nikhil Agarwal, Co-Founder and CEO, GripInvest. Especially when trading volume on cryptocurrencies has reached significant levels.
Cryptocurrency Bill: The Road Ahead
The central government had earlier clarified that there are no plans to accept cryptocurrencies as legal tender in India. However, the Finance Minister clarified that there are no plans to stop advertisements of virtual currencies by exchanges. Further, when asked about the status of cryptocurrency trading in the country, the junior finance minister, Pankaj Choudhary, elaborated that the government does not collect any information on trading of unregulated assets. He further said that the government will decide the way forward with regard to cryptocurrency on the basis of the recommendation of the high level inter-ministerial committee and the legislative proposal when it is tabled in the Parliament.
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