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Report – Regulation – Crypto News

The bill on cryptocurrencies proposed in the current parliamentary session is reportedly being revised. The government is seeking wider consultation on cryptocurrencies before setting the rules governing digital currencies in India.

Indian government seeks further consultations on proposed crypto laws

India’s cryptocurrency law is unlikely to be presented in the current parliamentary session. The bill is not on the list of matters to be dealt with in the last week of the winter session of parliament, Bloomberg reported on Monday, noting that the government can still introduce the law through an ordinance after the session.

The government is finalizing the details of the cryptocurrency legislation, the news agency noted, citing people with knowledge of the matter. Last week, local media reported that the government plans to make additional changes to the cryptocurrency bill. The country’s finance minister, Nirmala Sitharaman, recently said the bill revised.

The publication conveyed:

Prime Minister Narendra Modi’s government wants fuller consultations on this matter before the digital currency rules are finalized and there is insufficient time as the current session ends on December 23rd.

According to reports, the Indian government plans to Regulate crypto assets but Ban the use of cryptocurrencies for payments. Investors are also given a deadline to declare their crypto holdings.

Indian Prime Minister Narendra Modi said last week that cryptocurrency should be used to Strengthen democracy. He is expected to a final decision about the country’s crypto legislation.

Last week, the Reserve Bank of India (RBI), the country’s central bank, said at its board meeting that a Blanket ban on cryptocurrencies is required as a partial ban won’t work. RBI Governor Shaktikanta Das has repeatedly said that the central bank has serious and grave concerns about the cryptocurrency.

When do you think India will finally regulate crypto? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.




Photo credits: Shutterstock, Pixabay, Wiki Commons


Source: Crypto News Austria

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