Parliament’s agenda for winter session in India does not have crypto bill


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A bill that would prohibit certain cryptocurrencies from being used in India may still be under consideration by the Indian government, though legislators are unlikely to vote on any such legislation during the current parliamentary session.

It is expected that India’s lower house of parliament, known as the Lok Sabha, would not consider a bill proposing the ban of “all private cryptocurrencies” before its winter session concludes on Thursday, according to Friday’s publication. The cryptocurrency and regulation of the official Crypto Bill are not present among the seven bills on the government body’s agenda for the final days of its 2021 session.

During the initial days of the ongoing winter session, the finance minister cleared the false speculations around the crypto ban, which created FUD and briefly crashed WazirX, the biggest crypto exchange in the country.

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India might see crypto law floating if the president wants

In March 2020, India’s Supreme Court reversed a blanket ban on cryptocurrency set by the Reserve Bank of India two years earlier and which had been in place for two years. Since then, reports from numerous local media sites, as well as statements from government officials, have suggested that the country is exploring a variety of options for regulating, if not completely banning, digital assets.

Even if India’s parliament fails to pass crypto legislation, the country’s President, Ram Nath Kovind, may be able to make an ordinance to accelerate the law during the period when the Lok Sabha is not in action, which is likely to be between December and January this year. According to media reports, a legal structure that treats cryptocurrencies more like commodities rather than currency is also being considered by officials from India’s Finance Ministry.

With a population of around 1.4 billion people, India’s decision to establish a concrete legislative framework for a central bank digital currency and to prohibit the development of many token initiatives would undoubtedly cause enormous waves throughout the crypto-economic community.

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