India, which holds the most number of crypto investors all around the world, has left them on a cliffhanger with no crypto bill tabled yet again as the parliaments’ winter session ended. It will be the second time when ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was added and was trending all over the world but never made it to the parliament.
With the recent postponement, it is unclear for the crypto bill to become a law until the 2022’s Budget Session that will be ending in the month of April.
As TheCoinRise reported, the parliament’s agenda released recently didn’t even include the crypto bill.
While Finance Minister of India Nirmala Sitharaman has maintained a positive attitude toward crypto laws, the Reserve Bank of India (RBI) has demonstrated the contrary intent, putting the crypto community in the middle of the Indian authorities’ interest conflicts.
The Reserve Bank of India aims to total ban crypto
Last week, TheCoinRise reported on the RBI’s apparent plans to impose a blanket ban on cryptocurrency in India. According to Economic Times insider reports, the RBI urged for an outright ban on digital assets at its Central Board of Directors meeting. The RBI’s anti-crypto stance was bolstered by the central bank’s long-standing assertion that crypto poses a threat to macroeconomic and financial stability, as well as exchange control.
Furthermore, amidst the Crypto Bill’s delay, the market is rife with rumors that an outright ban or, at the very least, harsher crypto rules could be adopted. The sector is apprehensive, wondering if the explanation for the incomplete document is a 180-degree flip toward an outright ban due to regulatory concerns.
Nirmala Sitharaman stated at the start of the crypto bill debates in the winter session that the government has no intention of banning crypto. With the bill’s failure to be tabled in parliament for the second time, her words may just be proven false.