The cryptocurrency bill in India has confused, worried, and excited crypto investors in the country for quite some time now. Adding to the woes of these investors, the government declared that the bill would not be discussed in the winter parliamentary session in December 2021. All previous reports said that the Cryptocurrency Bill would be reviewed in the parliament in the winter session, and many were hopeful of a positive outcome. However, the Reserve Bank of India very recently spoke about a complete ban on cryptocurrencies in the country. While it is unclear whether the Reserve Bank influenced this decision to postpone, it is now certain that won’t be a resolution any time soon. While declaring the news of postponement, authorities also said that the government wants to engage with various sectors before coming to a conclusion.
In the past, the Prime Minister of India had attended meetings with top crypto entrepreneurs of the country. However, the details of these meetings were never clear, and the Prime Minister has not acted upon anything that was discussed. India’s Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman had maintained diplomacy in their opinions on crypto. Prime Minister Modi recently said that cryptocurrency could be a tool to strengthen democracy. Nirmala Sitharamn, on the other hand, has said that India should examine the success and failures of cryptocurrency in other countries before coming to a conclusion. As of now, the Cryptocurrency Bill is deferred for an indefinite period of time, and operations will continue as usual in the country.
