It has been heard that there is a likelihood of Cryptocurrency and the new regulation of authorized Digital Currency Bill, 2021 is going to be launched and discussed during the winter session of Parliament.
However, according to some latest report suggests, the session is delayed for a while which was decided to be held on 23rd December 2021, and therefore, have been shifted by the government for the upcoming Budget meeting of Parliament. The session is somewhat expected to get premier between January to March 2022.
Moreover, the next cause that is responsible for making India’s Crypto billdelayed is that the Parliament is unwilling to adopt two critical bills. One of which is the crypto bill itself while the next one in the row is the privatization of government banks. Such that these two bills are in the list of 26 new articles under the law made for the introduction in the current session is anticipated to be shifted to the Budget Session. Check this website to know more about this news.
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The Backdrop
In recent months, the trading of private cryptocurrency was making headlines about its complete ban. Nevertheless, and according to some reports, the developments and reports concerned with this issue have witnessed that the cryptocurrency will fall under new rules and not a complete ban.
According to the bill, the other side of the issue that was grabbing the limelight was the enforcement of a deadline and penalty. Such that the government will give a proper deadline of 60 to 90 days to crypto holders. Moreover, during such a deadline they have to reveal their assets and encounter other new regulations. On the other side, if there is anyone who is causing infringement to the set rules they will be fined 20 crores or may even get confinement for about 1.5 years. This is so that every crypto trader has to abide by the new rules and regulations imposed against the use of cryptocurrency.
What more?
Thus, India’s most awaited crypto regulation bill is going to take part in the new year i.e. between January to February, as media reports.
It is being said that even before introducing the bill in the parliament, a draft bill is required to be presented to the Cabinet for inspection. And therefore, there was no Cabinet participation this week, as time has already ended i.e. Dec 23.
Moreover, the bill has not been introduced on Dec 23, as the government has already been taking decisions to make improvements to the proposed bill.
On the other side, there is no complete rejection of the crypto regulations in the upcoming years or the upcoming session of parliament. The government has been given the choice to propagate laws without even submitting a bill to the parliament unless there is a need.
According to some sources, the Cabinet had unofficial talks concerning the draft bill.
Subsequently, when the bill receives Cabinet approval, it will be talked about and verified by the finance standing committee in the parliament house.
As of now, India’s crypto bill is not going to be a talk in the parliament, because the crypto space is rapidly changing in terms of development thus, it is essential to have some further discussions on it.
India’s Prime Minister Narendra Modi stated that there must be also some global rules on social media and cryptocurrencies users so as to welcome democracy and not to spoil it.
According to a media report given by a senior Indian government, it was suggested that there were many talks held at the top levels, and it was assumed that crypto regulations must be in accordance with the global network that is growing progressively. And thus, it is a good idea to hold back and ponder about such things happening worldwide.
The crypto bill is yet to be a matter of discussion in the session of parliament and so, everyone is eagerly waiting for the next budget session, 2022.