The Indian cryptocurrency bill, which was all set to be tabled in the Parliament’s winter session, is now most likely going to be deferred. Sources in the government, who have requested for their identities to be kept secret, have said that the Union government wants wider consultations before coming to a conclusion. The winter session is set to end on December 23, which means there’s not sufficient time for the government to seek detailed consultation. Also, the list of businesses that outlines the schedule for the winter session’s final week doesn’t feature the crypto bill.
A few weeks back, an announcement of the tabling of the bill took the Indian crypto market by storm, with the prices of popular crypto tokens crashing on exchanges. According to the announcement, the bill would have put a complete ban on all private cryptocurrencies. It would also bring into motion the development of a Central Bank Digital Currency (CBDC), which will be issued by the Reserve Bank of India.
Since the announcement of the bill, both crypto advocates and skeptics have spoken their minds on the proposed idea to ban cryptocurrencies. While advocates are hopeful that India’s booming crypto industry will be allowed to continue operations, skeptics have stated that a complete ban is necessary to mitigate the risks associated with cryptocurrencies.
Recently, Indian Prime Minister Narendra Modi said that cryptocurrencies and the technologies backing them should play their roles in empowering the idea of democracy and not undermining it. For now, though, crypto companies in India can continue functioning minus regulations. However, the regulations are set to be rolled out sooner or later.