Last update of the cryptocurrency invoice: The cryptocurrency bill and regulation of the official digital currency of 2021 may not be presented in the winter session of Parliament, the main sources of the government told news portals. It should be noted that the Cryptocurrency Bill seeks a ban on all private cryptocurrencies. Various media reports suggested that the Center is considering changes to the bill, so it is unlikely that the bill will go before Parliament at this session.Read also - Union Budget 2022-23: everything you need to know
Previously, the cryptocurrency bill was included in the ongoing winter session of parliament. The bill was also included in the last budget session, but could not be presented because the government decided to rework it. Read also - Banking strike news: banks will be closed for the next 4 days, strike on December 16 and 17
The central government had a strong stance against cryptocurrencies earlier in the year and suggested that it could even impose a blanket ban. However, Finance Minister Nirmala Sitharaman showed the intention to regulate cryptocurrencies and even classify them as a digital asset. Read also - Waiting for clarity on cryptocurrencies? Government Says Digital Currency Bill Is Under Final Consideration
Experts said the topic of the cryptocurrency bill is being debated, including the need for wider consultation and seeking public comment, as well as whether the central bank digital currency (CBDC) to be introduced by the Bank of The Reserve of India must be part of this bill or it should be dealt with under the RBI Act.
Officials told the Economic Times that after several rounds of discussions at the highest levels, it was felt that any legislation around cryptocurrency must go hand in hand with a global framework that is still evolving. They said it would be better to wait and watch this space evolve globally.
Officials further felt that the government could consider existing laws and regulations to ensure consumer protection and tax cryptocurrency transactions in the meantime.
Last week, Prime Minister Modi had called for united efforts to shape global rules for social media and cryptocurrencies to ensure they are used to "empower democracy and not undermine." Meanwhile, policymakers are also investigating whether the bill should cover the CBDC.
