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Indian Government Wants Wider Consultation before Finalizing Crypto Bill: Report

According to reports, the cryptocurrency bill which was scheduled for consideration in the current session is being reworked. Before finalizing rules for digital currencies in India, the government is seeking more consultation.

Indian Government Wants to Consult More on Crypto Legislation
The current session of parliament is unlikely to see India’s cryptocurrency bill. Bloomberg reported Monday that the bill is not on the final week of the winter session’s business list. Bloomberg also noted Monday that the government could still introduce the legislation by way of an ordinance.

According to the news outlet, people familiar with the matter said that the government is still working out details for the cryptocurrency legislation. Local media reported last week that the government was planning to make further changes to the cryptocurrency bill. Nirmala Sitharaman (the country’s finance minister) recently stated that the bill should be reworked.

The publication contained:

Prime Minister Narendra Modi’s government wants more consultations before finalizing rules for digital currencies. There isn’t enough time, as the current session closes on December 23.

According to reports, the Indian government plans to regulate crypto assets and ban the use cryptocurrency for payments. Investors will be required to declare their crypto holdings by a certain date.

Last week, Indian Prime Minister Narendra Modi stated that cryptocurrency should be used for democracy empowerment. He is expected take the final decision regarding the country’s crypto legislation.

The Reserve Bank of India (RBI), India’s central bank, stated last week that a blanket ban is necessary on cryptocurrency because a partial ban won’t work. Shaktikanta Das, Governor of RBI, has stated repeatedly that the central bank has serious concerns about cryptocurrency.

What date do you believe India will finally regulate cryptography? Comment below to let us know your thoughts.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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