India lists cryptocurrency law, which is to be passed in parliament - expected crypto legislation before the end of the year - regulation
India lists cryptocurrency law, which is to be passed in parliament - expected crypto legislation before the end of the year - regulation
The Indian government has listed a law on cryptocurrencies, which is to be adopted in the upcoming parliamentary meeting, which begins next week. The draft law provides for banning cryptocurrencies with some exceptions. It will also create a relieving framework for the output of a digital rupie through the Reserve Bank of India (RBI).
Indian government urges crypto legislation before the end of the year
The Indian government has listed a law on cryptocurrencies for the upcoming meeting on Tuesday.
The title of the draft law is "The Cryptocurrency and Regulation of Official Digital Currency Bill 2021". The government expects it to be presented and passed in the same parliamentary meeting, which will begin on Monday, November 29th and end on December 23rd.
According to the description of the government, the draft law aims to “create a relieving framework for the creation of the official digital currency, which is issued by the Reserve Bank of India. However, the draft law also aims to prohibit all private cryptocurrencies in India in order to promote the underlying technology of cryptocurrency and its use.”
This is the second time that the Indian government has submitted a cryptocurrency law to adopt the Parliament's adoption. In January, the government A crypto calculation for the household meeting. However, it was not accepted. The title of the draft law and the associated description for the winter session match exactly with the line -up for the budget meeting of the parliament.
Tanvi Ratna, CEO of Policy 4.0, commented on the news of the Indian government, which performed the crypto calculation on Tuesday:
Yes, the government is expected to adopt laws itself in this session. However, it cannot be complete legislation.
she added: "Operation and implementation questions are probably only discussed at the household session."
ratna believes that cryptocurrencies like Bitcoin ( btc ) or ether ( eth ) could be allowed in any form. She found that "the exceptions mentioned about Gift City are led," she clarified:
private cryptocurrencies are not privacy coins, but non-rupic currencies. It is expected that some fundamental coins such as btc , eth etc. could be allowed in any form.
A high-ranking government official said Reuters on Tuesday that the plan was to ultimately ban private crypto-assets and at the same time to pave the way for a new digital central bank currency (CBDC).
The RBI previously said that she is working on a digital rupie that is expected to . The central bank has repeatedly said that it main
Since the current crypto calculation has not been published, Indian crypto experts have asked investors not to panic. The only draft law published is the original draft of the Interministerial Committee (IMC) under the direction of the former finance minister Subhash Chandra Garg. In July 2019 the title of this law was "prohibited from the cryptocurrency and regulation of the official draft law for digital currency 2019 ”, which differs slightly from the person who is to be treated in the upcoming parliamentary session. The draft law drawn up by the GARG committee was considered outdated because the crypto ecosystem has developed significantly since the draft law was published. Even Garg himself admitted that Krypto was seen as a currency and not as an asset when developing the bill. He now believes that crypto assets should be regulated. "Regulate, check cryptocurrencies, but let the crypto assets allow, promote crypto services", the former finance minister called in May. Last week the Indian Prime Minister Narendra Modi all Democratic countries to work together in Bitcoin and cryptocurrencies to ensure that they do not get into the wrong hands. He also Chair A comprehensive meeting on the subject of crypto. In addition, India's Parliamentary Standard Financial Committee hold a meeting Crypto industry. Do you believe that India will ban cryptocurrencies like Bitcoin and Ether? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons