A senior official in the Indian government recently said that the cryptocurrency framework proposed in the controversial crypto bill may be changed. India has been in the limelight in the crypto sphere recently for announcing a bill that will ban all private cryptocurrencies in the country if passed into law. The bill was supposed to be tabled during the winter session of the Indian Parliament. However, the tabling of the bill may have to wait if the government changes certain elements of the bill.
The senior official said that crypto legislations in India should go hand-in-hand with the evolving global crypto framework. That’s why, the official suggested, waiting and observing the global evolution of crypto frameworks would be a better strategy. In the meantime, the official believes that the Indian government should tax crypto transactions and apply existing regulations and laws to the country’s rapidly-growing crypto sector.
At the Joe Biden-hosted Summit for Democracy, Indian Prime Minister Narendra Modi stated that crypto shouldn’t undermine democracy. The Indian government’s stance towards cryptocurrencies is filled with caution, as it understands the risks associated with cryptocurrencies. However, it also acknowledges the job opportunities that the booming crypto market in the country has created.
Crypto advocates in India have also called on the government to take steps that don’t prohibit cryptocurrencies outright. They’ve suggested a more lenient stance, which is very likely what the changes to the bill will result in. After all, the government won’t want to ruffle the feathers of those whose livelihoods are dependent on the crypto industry.