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According to Bloomberg, India’s cryptocurrency bill has been delayed again, and sources have confirmed that it may not be introduced for the winter session of parliament this year.
Sources familiar with the matter also told Bloomberg that Prime Minister Narendra Modi’s government wants more detailed consultations before finalizing the ground rules needed to regulate digital currencies. Sources also said that there is not much time to evaluate key procedures, since the winter session of parliament ends on December 23.
Indian Cryptocurrency Bill Delayed Again
In a timetable posted on the parliament’s official website, the cryptocurrency bill has been removed from other scheduled agendas, signaling a delay. However, legislation can still be discussed through ordinance during periods when parliament is not in session.
Earlier, the Indian government said that the authorities are busy making a number of significant changes to the bill, including items that can help effectively regulate digital currencies.
The proposed cryptocurrency bill also aims to create central bank digital currencies, or CBDCs, to be backed by the Reserve Bank of India.
India is one of the leading countries when it comes to cryptocurrency trading, with around 15 million people investing in various digital assets.
The bill aims to regulate the cryptocurrency ecosystem amid calls for stricter rules to prevent money laundering and crypto scams.
Earlier it was reported that the bill is in the process of being finalized to include more important points and changes. Indian Finance Minister Nirmala Sitharaman also acknowledged that the bill would not impose an outright ban on cryptocurrencies, but would classify them as an asset class for effective regulation.
Sources also said that RBI is in the process of collecting critical reviews about the international regulation of the cryptocurrency sector.
“The government wants to see how global cryptocurrency standards develop in the EU and other jurisdictions,” the sources said.
Meanwhile, the reports also mention that the Reserve Bank of India is consulting with the Bank for International Settlements (BIS) on the emerging cryptocurrency system.
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