India Controversial Cryptocurrency Bill Is Being Postponed

The Indian government has yet to approve the infamous cryptocurrency bill, which may outlaw all digital asset transfers in the nation and effectively kill the whole digital payments business.

The Indian government has yet to pass the notorious cryptocurrency bill, which could essentially criminalize all digital asset transactions in the country and basically eliminate the whole digital payments sector.

The administration of India’s prime minister is looking forward to deeper engagement on the plan before making it legislation in the country. Due to the topic’s complexity from both the technological and human perspectives, the present session will not be able to complete the debate before it concludes on December 23.

The cryptocurrency bill is no longer a topic of debate, according to the timetable for parliament’s final week before the new year, although it may still emerge on the panel as part of the legislative discussion process.

According to the law’s explanation on the parliament’s website, the measure will be the first step toward the formation of the country’s official digital currency. Aside from the official CBDC, all other “private” cryptocurrencies in the nation would be prohibited, with the exception of coins that provide underlying technological purpose.

Neither the official website nor the country’s regulators have commented on these exclusions.

India is one of the world’s largest marketplaces for digital assets, with a 641% increase forecast in 2021. It was just a matter of time until the legislative call came, and the market could no longer be left unsupervised. The draft bill has undergone multiple amendments and has being debated in India’s parliament since November.

Patrick

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