Bitcoin News and Finance
Indian Government to Make Additional Changes to Crypto Bill: Report Skip to main content

Indian Government to Make Additional Changes to Crypto Bill: Report

Indian Government to Make More Changes to Indian Crypto Bill: Report

The Indian government is reportedly making additional changes to the country’s crypto bill. The bill, which is listed for the current session of parliament, may be taken up in the budget session instead. According to reports, the government could also “consider bringing an ordinance or special order after the session.”

Indian Crypto Bill Needs More Work

The government of India is reportedly planning to make additional changes to the crypto bill. The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is currently listed to be considered in the winter session of parliament.

However, a senior government official told Business Today Thursday that the government is considering reworking the bill and will likely introduce it in the budget session in February. According to the unnamed official:

Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation and global practices is being looked into once again.

The Indian government calls all cryptocurrencies that are not issued by the central bank “private cryptocurrencies,” including bitcoin and ether.

In addition, NDTV similarly reported Wednesday that the government is planning to make some changes to the bill. Citing unnamed sources, the publication said the government wants India’s crypto regulation to be in tandem with the global framework but does not want to rush on the crypto law. The news outlet added:

More changes are likely in the crypto bill … and the Centre might consider bringing an ordinance or special order after the session.

The country’s finance minister, Nirmala Sitharaman, recently said that the crypto bill needed to be reworked before submitting to the cabinet.

The current bill seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the legislative agenda for the winter session of Lok Sabha, the lower house of India’s parliament.

While the government has not provided details of the bill, there are reports that India is planning to regulate crypto assets, with the Securities and Exchange Board of India (SEBI) as the main regulator. In addition, the government is planning to ban crypto’s use for payments and will set a deadline for investors to comply with new regulations and declare their crypto assets.

Indian Prime Minister Narendra Modi has been somewhat involved in finalizing cryptocurrency legislation in India. He has chaired a few high-level meetings on cryptocurrency and is reportedly taking a final decision on the country’s crypto regulation.

Last week, he said at the summit for democracy hosted by U.S. president Joe Biden that cryptocurrency should be used to empower democracy, not undermine it. His Twitter account was subsequently hacked and a tweet was posted falsely claiming that India has adopted bitcoin as legal tender and purchased 500 BTC to distribute to all residents.

When do you think India will finally regulate crypto? Let us know in the comments section below.

Labels:

Comments

Post a Comment

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...
Post a Comment
Read more

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...
Post a Comment
Read more

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...
Post a Comment
Read more

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...
Post a Comment
Read more
Blogarama - Blog Directory