India is divided on crypto-wishlist ahead of the Union Budget

Sources have stated that a thorough crypto-bill in India will be unlikely to be submitted in Parliament for the Budget Session, which begins on February 1.

India has concluded the Winter session with a cliffhanger for crypto traders. However, the crypto-industry in India is both optimistic and divided about it. According to local media reports, one group of legal experts wants the government to violate the status quo and introduce precise crypto regulations. The other, on the other hand, wants the government to take a step back and consider the definition and use cases for each crypto-instrument.

Is it best to take a wait-and-see approach?

Pramod Rao, the group general counsel of ICICI Bank, said to a news publication,

“The government’s pause is a good thing for us to wait and watch and decide whether we need a separate regulator, which can transcend into all use cases.”

His remark came in response to the government’s decision to push the long-awaited crypto-bill for the second time last year. 

As TheCoinRise reported, the crypto-bill was planned to be introduced during the Indian Parliament’s Winter Session, which began on November 29 and ended on December 23, 2021.

India is not forming any regulatory body except SEBI

Furthermore, the Securities and Exchange Board of India (SEBI) is expected to oversee the nation’s crypto market, with no additional regulators being formed.

Sriram Chakravarthi, a lawyer at Singapore-based legal firm Rajah & Tann, believes it’s past time for some clarity. He mentioned:

“It is better to have a process of constant evolution, consultation and then come up with guidelines, etc., and looking at how they work rather than the wait-and-watch approach.”

On the other hand, the Reserve Bank of India or RBI is aiming to blanket ban crypto in the country.

In the absence of clear norms, both investors and crypto-businesses in India are apprehensive. According to recent reports, this time around, the buying intensity among Indian crypto-investors and dealers is lower.