Bitcoin News and Finance India Lists Cryptocurrency Bill to Be Taken up Parliament — Crypto Legislation Expected Before Year-End Skip to main content

India Lists Cryptocurrency Bill to Be Taken up Parliament — Crypto Legislation Expected Before Year-End

India Lists Cryptocurrency Bill to Be Taken Up in Parliament — Crypto Legislation Expected Before Year-End

The government of India has listed a cryptocurrency bill to be taken up in the upcoming session of parliament that starts next week. The bill seeks to prohibit cryptocurrencies with some exceptions. It will also create a facilitative framework for a digital rupee to be issued by the Reserve Bank of India (RBI).

Indian Government Pushes for Crypto Legislation Before Year-End

The Indian government has listed a cryptocurrency bill to be taken up in the winter session of Lok Sabha, the lower house of India’s parliament, according to the legislative agenda for the upcoming session released Tuesday.

The title of the bill is “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021.” The government expects it to be introduced and passed in the same parliamentary session, which is set to commence on Monday, Nov. 29, and will conclude on Dec. 23.

According to the government’s description, the bill aims “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

This is the second time the Indian government has listed a cryptocurrency bill to be taken up in parliament. In January, the government listed a crypto bill for the budget session. However, it was not taken up. The title of the bill and the accompanying description for the winter session are exactly the same as the listing for the budget session of parliament.

Tanvi Ratna, CEO of Policy 4.0, commented on the news of the Indian government listing the crypto bill Tuesday:

Yes, it’s expected that the government will pass legislation in this session itself. However, it may not be a complete legislation.

She added: “Operational & implementation questions are likely to be debated in the budget session only.”

Ratna believes that cryptocurrencies like bitcoin (BTC) or ether (ETH) could be allowed in some form. Noting that “The exemptions that are being mentioned are ones routed through GIFT City,” she clarified:

Private cryptocurrencies are not privacy coins but non-rupee currencies. It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.

A senior government official told Reuters Tuesday that the plan is to ban private crypto assets ultimately while paving the way for a new central bank digital currency (CBDC).

The RBI has previously said that it is working on a digital rupee, which is expected to be launched in phases. The central bank has repeatedly said that it has major concerns about cryptocurrency.

However, since the current crypto bill has not been made public, Indian crypto experts have urged investors not to panic sell.

The only bill that has been made public is the original one drafted by the inter-ministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg. Published in July 2019, the title of that bill was “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019,” which is slightly different from the one listed to be taken up in the upcoming session of parliament.

The bill drafted by the Garg committee has been seen as outdated as the crypto ecosystem has significantly evolved since the bill was published. Even Garg himself admitted that when the bill was drafted, crypto was viewed more of a currency, rather than an asset. He now believes that crypto assets should be regulated. “Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services,” the former finance secretary said in May.

Last week, Indian Prime Minister Narendra Modi urged all democratic countries to work together on bitcoin and cryptocurrencies to ensure that they do not fall into the wrong hands. He also chaired a comprehensive meeting on crypto. Furthermore, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry.

Do you think India will ban cryptocurrencies like bitcoin and ether? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory