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India Might Delay the Proposed Cryptocurrency Regulation Bill: Report

Because bitcoin has become a prominent topic in India, the government has decided to submit a new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to potentially regulate the digital currency. However, it appears that this will not happen any time soon, as these plans have been postponed.

Crypto Bill in India Might Be Delayed

According to a recent source, the government may postpone the proposed crypto bill because officials are considering revisions to the proposed framework. The law may not be tabled at the upcoming winter session and may be moved until the following Parliament session, according to reports.

The bill, according to the Indian government, requires more “discussions, debate, and views from Indian citizens.” In addition, the government feels that India’s new cryptocurrency regulations should be consistent with the worldwide regulatory framework for cryptocurrencies, which is still in the works.

For those who are unaware, a team of MPs and business experts agreed last month that cryptocurrencies in India must be regulated. Indeed, Prime Minister Narendra Modi stated during the Sydney Dialogue that cryptocurrencies should not fall into the wrong hands and that each country should regulate them uniformly.

The new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was planned to be introduced among a number of other bills during the Parliamentary debate’s winter session. It is expected to contain ideas on the prohibition of private cryptocurrencies, the establishment of a regulatory organization, and potentially the creation of a Central Bank Digital Currency (CBDC) that will be recognized under the RBI Act in the country.

The bill also aims to make cryptocurrency an asset rather than a currency, and it may impose penalties (a fine of up to Rs 20 crores or a jail sentence of up to 1.5 years) if the restrictions are broken. However, since the law hasn’t been presented (or enacted, for that matter), it’s unclear what, if anything, it will bring to the table and when. We’ll keep you updated on the situation.

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