Report – Regulation Bitcoin News

Blockcard
Indian Government Seeks Wider Consultation Before Finalizing Crypto Bill: Report


The cryptocurrency bill that was listed to be taken up in the current session of parliament is reportedly being reworked. The government seeks wider consultation on crypto before finalizing the rules to govern digital currencies in India.

Indian Government Seeks More Consultation on Proposed Crypto Legislation

India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. The bill is not on the list of business to be taken up in the last week of the winter session of parliament, Bloomberg reported Monday, noting that the government can still bring in the legislation through an ordinance after the session.

The government is still finalizing details of the cryptocurrency legislation, the news outlet noted, citing people with knowledge of the matter. Last week, local media reported that the government is planning to make additional changes to the cryptocurrency bill. The country’s finance minister, Nirmala Sitharaman, recently said that the bill needed to be reworked.

The publication conveyed:

coinbase

Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies and there isn’t enough time as the current session ends on December 23.

The Indian government is reportedly planning to regulate crypto assets but ban the use of cryptocurrencies for payments. There will also be a deadline set for investors to declare their crypto holdings.

Indian Prime Minister Narendra Modi said last week that cryptocurrency should be used to empower democracy. He is expected to take a final decision on the country’s crypto legislation.

Last week, the Reserve Bank of India (RBI), the country’s central bank, said at its central board meeting that a blanket ban on cryptocurrencies is needed because a partial ban will not work. RBI Governor Shaktikanta Das has repeatedly said that the central bank has serious and major concerns regarding cryptocurrency.

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

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It



Source link

Changelly

Be the first to comment

Leave a Reply

Your email address will not be published.


*