Report – Regulation

Indian government officials reportedly said that India's cryptocurrency law will take more time as crypto is a complex issue. It is therefore unlikely that the bill will be introduced in the upcoming session of Parliament. The government reportedly wants to hold further discussions to reach consensus on a regulatory framework for crypto.

Crypto Bill is unlikely to be introduced in the budget session of Parliament

The Indian government may not introduce a cryptocurrency law in the upcoming session of Parliament, the Economic Times reported on Wednesday.

The government wants to hold further discussions and reach consensus on the regulatory framework for cryptocurrencies, the publication said, citing unnamed government officials with knowledge of the matter. A senior Treasury official told the publication:

The crypto bill cannot be introduced into the budget session. It's a complex topic. This requires more time.

A cryptocurrency bill was listed for the winter session of Parliament but was not taken up. According to reports, the government is now revising the bill.

The official further told the news agency 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 is scheduled to take place in the coming months.

The Indian central bank has recommended a complete ban on cryptocurrencies. This is what the RBI said in its recent central board meeting a partial ban doesn't work. The central bank has repeatedly warned about the risks that cryptocurrencies pose to the country's financial system.

Earlier this week, Indian Prime Minister Narendra Modi called for global cooperation to address the challenges of cryptocurrency.

Meanwhile, the Indian crypto industry Seek tax clarity in the Union budget. The country's Directorate General of GST Intelligence (DGGI) recently ambushed major crypto exchanges and found “massive” GST tax evasion.

When do you think India will finally regulate cryptocurrency? Let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

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