Indian crypto bill might be delayed to the next budget session as it needs more work. The crypto bill which was listed to be presented in the winter session of parliament may be taken up to the budget session.
The country with more than $1.3 billion people has been planning to regulate this unstoppable bull of crypto. India has seen a wave of crypto adoption in the country last year and won second place in the crypto adoption list by Chainalaysis. A country with a huge population has a lot of potential where the crypto market can lay its net. Indian crypto bill is listed to be presented in the winter session of parliament.
Indian crypto bill might be delayed:
A senior Indian official from the government has hinted that the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021”, might not be presented in the winter session of parliament. The official has said that there is a chance that the bill might be delayed because there’s a lot of work to be done. The official has explained to Business Today:
Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation, and global practices are being looked into once again.
Indian Prime Minister Narendra Modi has been somewhat involved in finalizing cryptocurrency legislation in India. He has chaired a few high-level meetings on cryptocurrency and is reportedly taking a final decision on the country’s crypto regulation. Last week, he said at the summit for democracy hosted by U.S. president Joe Biden that cryptocurrency should be used to empower democracy, not undermine it.
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