Government sources said on Wednesday that the cryptocurrency bill is unlikely to be introduced in the winter session of Parliament.
Government sources have said that the cryptocurrency bill is unlikely to be introduced in the winter session of parliament. (representative image)
Top government sources said on Wednesday that the Cryptocurrency and Official Digital Currency Bill, 2021 is unlikely to be introduced in the winter session of Parliament.
The bill calls for a ban on all private cryptocurrencies.
The Indian government took a tough stance against cryptocurrencies earlier this year and suggested that it could also be Proceed to impose a complete ban. Since then, Finance Minister Nirmala Sitharaman has shown an intention to regulate crypto and even classify it as a digital asset.
According to a Reuters report, the new crypto bill proposes harsh punishment Whoever violates the rules set by the government.
The crypto bill was a part of 26 bills that the government is planning to introduce in the winter session.
The government was planning to ban all cryptocurrencies last year and was even planning to introduce a bill during this year’s budget. However, the bill was scrapped, and a committee was formed to discuss the matter further with stakeholders. Since then, it has indicated that the cryptocurrency may coexist with the Indian rupee but be regulated.
It is worth mentioning that India is one of the largest cryptocurrency markets in the world. A recent report suggested that there are over 100 million crypto owners in the country, while domestic crypto exchange platforms maintain that around 20 million Indians have invested in cryptocurrencies.
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