India is expected to postpone the much-awaited crypto bill in the parliament, as it is not yet ready and the year-end is just around the corner.
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The cryptocurrency bill is unlikely to be tabled during the current session of parliament, as the government has yet to finalize the details of the legislation, they told Bloomberg people familiar with the subject.
Prime Minister Narendra Modi’s Administration wants wider consultation on the matter before finalizing the drafting of legislation that will govern digital currencies and there is not enough time, as the current session ends this Thursday, Dec. 23, said the people, who asked not to be identified as the discussions are private. In addition, the Cabinet has not approved the proposed legislation.
Bloomberg A Finance Ministry spokesman could not immediately be reached for comment.
Removed from the calendar
Also, the schedule for the last week of parliament’s session has removed the cryptocurrency bill from the list of business published on its website. However, the government could still – if it wishes – introduce the legislation through an ordinance during periods when parliament is not in session.
The bill proposes to help the central bank to create an official digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, said last month in a description on parliament’s website. The legislation sought to “ ban all private cryptocurrencies in India However, it allows for certain exceptions to promote the underlying cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. technology and its uses, reads the text.
However, after that information came out, the creator of India’s cryptocurrency bill, former Finance Minister Subhash Garg, dismissed the notion of banning “private cryptocurrencies.” He said it was a misinterpretation and highlighted the enormous potential of cryptocurrencies and technology. Blockchain.
India and crypto
India, with nearly 1.4 billion people, is one of the world’s fastest-growing markets for cryptocurrency trading, but the country has had a complicated relationship with virtual currencies. The central bank had effectively banned crypto transactions in 2018, but the Supreme Court struck down the restriction last year. And in May this year it made it clear that. the way was regulation not prohibition as had been thought in the past.
Calls for stricter rules have since increased amid concerns that an unregulated environment could lure more investors into volatile assets. India’s cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. has grown 641% in the year to June 2021, according to an October report from Chainalysis.
The bill has been reworked to make it more current in relation to existing legislation, Finance Minister Nirmala Sitharaman said earlier, who has also said on Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. que “a futuristic thing cannot be excluded. “.
Positions between different agencies go back and forth. While the Reserve Bank has wanted to ban cryptocurrencies, the Executive, as such, is considering an option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. to allow cryptocurrencies as a financial asset.
“Crypto should be blocked”
Among the positions against, the most recent is that of India’s Minister of State for External Affairs, Meenakshi Lekni, who has said that cryptocurrencies should be blocked if they are used for illegal purposes, such as “launching cyber-attacks in India, launching other attacks against India, doing other kinds of illegal and unethical work like drug trafficking.” This position was made public at the same time as it was said that the Indian government is making changes in the crypto bill.
“I am sure the Ministry of Finance and the Ministry of Information Technology would have looked into these aspects thoroughly,” she added.
The minister continued: “Cryptocurrency platforms and exchanges are owned by a set of people who are trying to evade taxes, taking money out of the country without benefiting the country where they produce this wealth.”
Sources: Bloomberg , Finbold , Bitcoin.com , archivo
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