The Indian Cryptocurrency bill is ready to be discussed in the Parliament, according to the India’s finance minister.

The Indian Cryptocurrency bill is ready to be discussed in the Parliament, according to the India’s finance minister.

The Indian Cryptocurrency bill is ready to be discussed in the Parliament, according to the India’s finance minister.

This could suggest that the new legislation governing cryptocurrencies in India would be debated during the next session of Parliament, which begins on July 19.

The Indian Cryptocurrency bill – India is getting closer to regulating cryptocurrencies on its own soil. India’s Finance Minister, Nirmala Sitharaman, told The Hindu that the Indian cryptocurrency bill is ready, and that the government has accepted feedback from industry stakeholders in drafting it.

“We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it”

The Finance Minister of India, Nirmala Sitharaman said in her interview.

This could suggest that the new legislation governing cryptocurrencies in India would be debated during the next session of Parliament, which begins on July 19.

The Indian cryptocurrency bill was also scheduled for the Parliament’s Budget session, which runs from February to March, but it was not tabled at the time, probably because the session was cut short owing to the country’s second COVID-19 outbreak at the time.

From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to make a decision.

Nirmala Sitharaman, India’s Finance Minister, told The Hindu Business Line

The ambiguity of Indian cryptocurrency bill

The Indian cryptocurrency bill, which was due, to be introduced during Parliament’s Budget session, was supposed to propose a ban on all private cryptocurrencies and set the groundwork for a central bank digital currency, i.e., a digital version of the rupee.

Many speculated that the fresh Indian cryptocurrency bill would be a re-enactment of the regulations outlined in a draft bill released in 2019, which barred most crypto exchanges and organizations from operating in the country.

However, when it comes to digital currencies, the government has changed its mind. Sitharaman has previously stated that the government is taking a calibrated approach to cryptocurrency.

Things came to a head in May, when the Reserve Bank of India (RBI) issued an informal advisory that led banks to withdraw services from cryptocurrency exchanges.

As a result, Indian crypto exchanges were forced to discontinue accepting rupee deposits. Many exchanges have developed solutions, but there is still uncertainty about how Indians will trade cryptocurrency in the future. Some banks have also sent warnings to customers who have transacted with cryptocurrency exchanges.

Crypto investments increased from $200 million in 2019 to $40 billion in 2020, according to a survey by crypto research firm Chainalysis, indicating a surge in interest in digital currencies. Experts, industry stakeholders, and users, on the other hand, are unsure about the future of these currencies in the country.

In conclusion, The Indian Cryptocurrency bill which, when it will be implemented, will drastically affect the entire country’s crypto obsession. The above-mentioned data truly reflects the gold loving culture is certainly looking to invest elsewhere. The modern India is growing and people have this urge to explore all the opportunities in the field of investment like rest of the modern world does, and deservingly so. Bringing regulation is good to protect the Indian people’s investment as well as binging maturity in the infant market of cryptocurrencies in the country. However, it is also the responsibility of the Indian government to take every steps very carefully without restricting people’s freedom to invest while forming the bill for the crypto regulation.

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