India Might Delay the Proposed Cryptocurrency Regulation Bill: Report
Dec. 16, 2021Crypto Bill in India Might be Delayed
As per a recent report, the government might delay the said crypto bill as the authorities are thinking of making changes to the proposed framework. It is reported that the bill might not be tabled during the upcoming winter session and might be pushed to the next Parliament session.
The Indian government deems that the bill needs further“discussions, deliberation, and comments from the citizens of India.”Moreover, the government believes that India’s new cryptocurrency laws should be in line with the global regulatory framework for cryptocurrencies, which is still a work-in-progress.
For those unaware, last month, a panel of MPs and industry expertsconcluded that cryptocurrencies must be regulated in India. In fact, during the Sydney Dialogue event, Prime Minister Narendra Modimade the remarksthat cryptocurrencies should not end in the wrong hands and every country should regulate them in a unified manner.
The bill also seeks to make crypto an asset instead of a currency and might introduce penalties (a fine of up to Rs 20 crores or a jail term of up to 1.5 years) if the passed rules are violated. Although, since the bill hasn’t been presented (or passed for that matter) yet, it remains to be seen what all and when it will bring to the table. We shall keep you posted on this.
Do not forget to share your thoughts on this possible delay or the upcoming crypto bill in general in the comments below.
A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.
