India’s Crypto Bill Won’t Be Introduced In Budget Session
The long-awaited crypto legislation was not expected to be the deciding factor
Government of India Won’t Introduce Long-Awaited Cryptocurrency Law During Budget Session, Hindu Business Line reported Monday.
The agenda for the first part of the session will contain 20 bills.
Earlier this month, the Economic Times published reported that the government has not yet reached a consensus on the context of the bill. A source quoted by the medium said it was a “complex topic” that took more time.
The delay is also related to the upcoming rollout of a trial version of the Reserve Bank of India’s central bank digital currency (CBDC), according to the source. The soft launch of the project was initially set to take place in December.
The government has also yet to adopt guidelines on the taxation of cryptocurrencies.
As reported by U.Today, a bill to ban all privately issued cryptocurrencies, such as Bitcoin and Ethereum, appeared on the agenda for the three-week winter session in November.
Since then, the government has relaxed its stance. A cabinet note has made it clear that the government intends regularize cryptocurrencies instead of banning them. While the crypto account was initially listed by the House of Representatives, it was removed during the final days of the winter session.
While the Indian cryptocurrency industry is in dire need of a regulatory framework, some believe there is a silver lining to the slowdown as it will allow for careful drafting of the much-anticipated bill after consultation with stakeholders.