India still hasn’t banned cryptocurrencies as Congress stands ready to pass an infamous law

The Indian government has yet to finalize the infamous cryptocurrency law that could ban all payments for digital assets in the country and potentially destroy the entire industry.

The Indian parliament is not ready to pass the law

India has stated that the cryptocurrency law will most likely be postponed and debated in the near future as regulators need to finalize all the details before the law is enacted, according to the source.

The Indian Prime Minister wishes to fully consult this proposal before it is implemented in the country. Since the topic itself is to be classified as complex from both a technical and a social point of view, the current session on December 23rd will not be able to draw a final conclusion.

According to the congress program for the last week before the new year, the cryptocurrency law is no longer the subject of discussion, but could still appear in the council as part of the legislative process.

The bill would be the first step towards creating the country’s official digital currency, as detailed on Parliament’s website. In addition to creating and developing an official CBDC, all other “private” cryptocurrencies in the country will be banned, with the exception of those that provide the underlying technology.

These exceptions have not been explained in detail either by the official website or by the country’s regulators.

India remains one of the largest digital asset markets in the world, growing 641% in 2021. The call for regulation is only a matter of time and the market cannot get any further out of hand. The bill has seen many changes and has been discussed in the Indian Parliament since November.

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