Crypto Bill Isn’t Likely to Be Introduced During Parliament’s Budget Session
According to the Economic Times on Wednesday, the Indian government may not present a cryptocurrency law in the forthcoming session of Parliament.
According to the journal, which cited anonymous government insiders with knowledge of the topic, the administration wants to have additional conversations and develop an agreement on the regulatory framework for bitcoin. According to a top finance ministry official,
It’s possible that the crypto law will not be submitted during the budget session. It’s a complicated topic. So this will take a little longer.
A cryptocurrency measure was scheduled to be debated during parliament’s winter session. However, it was not taken up. The law is now being reworked by the administration, according to reports.
According to the official, the government needs to wait for technical comments from the central bank, the Reserve Bank of India (RBI), following the trial launch of its central bank digital currency (CBDC), the digital rupee. The pilot program is set to begin in the coming months.
The Reserve Bank of India has suggested that bitcoin be outlawed completely. However, the RBI’s central board of directors has said that a partial prohibition would be ineffective. The central bank has frequently cautioned about the dangers that cryptocurrencies present to the nation’s economic system.
Indian Prime Minister Narendra Modi urged global cooperation to address the issues posed by bitcoin earlier this week.
In the meantime, the Indian cryptocurrency sector is looking for tax certainty in the Union Budget. The Directorate General of GST Intelligence (DGGI) raided key crypto exchanges lately and discovered a massive GST tax fraud.
