No Indian crypto bill in the near future

The winter parliament session is over and as of now, there’s no hope for the Indian crypto bill in the near future. Let’s learn more about this.

Background

The winter Parliamentary session has concluded without the discussion on the much-anticipated Cryptocurrencies and Regulations Bill of 2021. The bill as of now has been delayed indefinitely. Sources say that it is unlikely that the bill will be discussed anytime before May.

This is not the first time when the Bill was shelved for later. The first time being in the Budget session of 2021. The bill was set to be discussed in February but the cabinet decided to do otherwise.

Bill and delays

The bill has been taking shape for quite a while. However, it is worth noting that this version of the bill will be different from the previous versions of the bill. The previous bill of 2019 had the vision of banning Cryptocurrencies entirely, not to regulate them. However, this iteration of the bill will not look at banning these Cryptocurrencies. Instead, this bill will be more accommodating and will allow the government to regulate these Crypto-Assets.

Now as the parliamentary session has concluded, the government will discuss the bill later. This will be on the next parliamentary session. The next Parliamentary session will be the budget session of 2022. This session is expected to be in February.

The Reserve Bank of India and Cryptocurrencies

The Reserve Bank of India has already made its stand clear. The bank said that partial regulations will not work. A complete ban is needed. The RBI has been stern about its opinion of Cryptocurrencies. They have previously banned Cryptocurrencies in 2018 which was made unlawful by the supreme court.

Conclusion

The delay has been a controversial subject in the nation. While some even question the timing of the regulations. Some even wonder that there will be no Indian crypto bill in the near future. Others are just waiting for the framework to be done to better understand what will be the laws. Only time will tell what will we might see in the future.

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