The crypto bill proposed by the government of India has instilled fear and tension in an otherwise growing market for cryptos.
Cryptocurrencies are enjoying a paradoxical relationship with the Indian subcontinent. On one hand, the country is home to three crypto unicorns- WazirX, CoinDCX and Coinswitch Kuber. On the other hand, the government and the Reserve Bank of India (RBI) are hellbent on either banning or regulating these digital currencies.
The Onset of Crypto Regulations
Just this year, in 2021, the government proposed to introduce a crypto bill in India not once but twice. In January, as per a Lok Sabha bulletin, the government was to present a crypto bill in the parliament. According to reports, this bill would ban all privately owned cryptos. Furthermore, it would establish a framework to launch an official digital currency that the RBI would authorise. Fortunately or unfortunately, however, the government did not table the bill in the parliament.
Though the tensions regarding a crypto bill, the possibility of the bill popping up was always looming. And finally, in November, reports saying that the government will again present a crypto bill surfaced and caused a stir among the growing number of crypto owners in India.
The Crypto Bill Surfaces again in India
The bill, planned to be introduced in the parliament’s winter session, carried similar notions as to its previous instance. The bill would crack down on private cryptocurrencies and lay down the path for an official digital currency. In addition, according to Lok Sabha’s bulletin for the winter session, the bill would succour RBI’s plans of introducing an official virtual currency.
However, much to everyone’s surprise the government delayed the bill again. News reports now said that the government will not introduce the crypto bill in the parliament’s winter session. When asked, the centre said that it will amend the bill and add some new regulations to the bill. In addition, the government said that it will cite the global attitude towards cryptocurrencies and make its decisions accordingly.
At present, experts are speculating that the government will add the crypto bill to the parliament’s budget session bulletin. Also, RBI will finally launch its digital currency is still shrouded in mystery.