Cryptocurrency remains the hottest issue of the present time. Seeing the interest of investors towards this, a bill was prepared by the Central Government in a hurry to manage this. It was being said that it would be introduced and passed in this winter session. But, a recent report has raised the possibility that the cryptocurrency bill may be difficult to pass in the ongoing winter session of Parliament.
A big news is coming on the cryptocurrency bill. A senior government official has informed that the government is considering a proposed framework for cryptocurrencies. It is understood that this bill will probably not be introduced in this winter session of Parliament.
The report quoted sources as saying that the much-awaited cryptocurrency law will not be introduced in Parliament during the winter session that ends on December 23. There is no mention of the bill in the agenda of both the Houses of Parliament. According to sources, the work on the cryptocurrency bill is still underway and the government is still finalizing the regulatory provisions.
The issues that are being debated regarding cryptocurrencies include the need for wider consultation and also the need to get comments from the public. Along with this, there is also a need to debate whether the Central Bank Digital Currency (CBDC) introduced by the Reserve Bank of India (RBI) should be made a part of this bill or it should be handled under the RBI Act.
According to a report in Economics Times, the official said that after several rounds of discussions at the highest levels, it was realized that the law related to cryptocurrencies should be in line with the global framework, which is still being developed. In addition, it was also felt that the government may consider the existing laws and regulations to ensure consumer protection and in the meantime tax cryptocurrency transactions.
Prime Minister Narendra Modi on Friday at the Summit for Democracy hosted by US President Joe Biden called for united efforts to shape global norms for social media and cryptocurrencies to ensure That they should be used to strengthen democracy and not to weaken it.
What is special in this bill
The proposed bill seeks to ban all types of private cryptocurrencies in India. However, there are exceptions to this, in order to encourage the use of technology and its use related to cryptocurrencies. There is no restriction or regulation regarding the use of cryptocurrencies in India at present.