The much-anticipated Cryptocurrency Bill is unlikely to be introduced during the current winter session of Parliament since the Centre has yet to complete the legislation’s specifics, according to media reports quoting sources familiar with the situation. The cabinet of Prime Minister Narendra Modi wants more talks before finalising the regulations governing digital currencies, but there isn’t enough time because the current session expires on December 23, according to the article.
It was reported last week that the Bill might not be introduced in Parliament this session, indicating that the government does not intend to rush through the legislation.
According to sources, the Crypto Bill could see more amendments, and the Centre may contemplate proposing an ordinance or special order following the session.
The Cryptocurrency Bill has been removed from the list of businesses listed on the Parliament’s website for the final week of the session.
During periods when Parliament is not in session, the government can nevertheless enact laws by an ordinance.
The bill recommends that all private cryptocurrencies be banned in India and that regulation be made easier.
It also suggests a penalty for both persons and corporations who violate the law. Offenses under the law will be non-bailable and punishable by a one-and-a-half-year prison sentence and a fine of up to Rs 50 crore.
The Reserve Bank of India (RBI) will oversee crypto regulation, while market regulator SEBI will oversee crypto assets.
In India, the value of crypto assets is estimated to be over 45,000 crore, with approximately 15 million investors.
Union Finance Minister Nirmala Sitharaman had previously stated that the Crypto Bill had been revised to make it more current. While the RBI wants to restrict cryptocurrencies, the government is allegedly considering allowing them to be used as assets.