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Cryptocurrency Bill in India unlikely to be introduced in upcoming Budget session

Other News 20 January 2022 01:06
Cryptocurrency Bill in India unlikely to be introduced in upcoming Budget session

The government is unlikely to bring the bill related to the cryptocurrency in the upcoming Budget session, Trend reports citing India today.

The development comes at a time when there has been chatter about the government’s intention to tax cryptocurrency trade and related investments.

The Centre aims to hold more parleys in order to build consensus on the regulatory framework for Cryptocurrency in India, reported The Economic Times.

The report added that the central government is waiting for the Reserve Bank of India (RBI) to conduct the pilot launch of India's own digital currency. The launch is expected to take place in a few months.

CRYPTO BILL UNLIKELY IN BUDGET SESSION

The cryptocurrency bill may not be introduced in the Budget session of Parliament, according to a senior finance ministry official who spoke to ET. The official said since it is a complex subject, the bill will require more time.

The much-awaited bill seeks to "create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."

The proposed bill also seeks to prohibit all private cryptocurrencies in India. However, it "allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," according to the bill listed for introduction on the Lok Sabha website.

Earlier, the bill was listed in the Centre's legislative business for the Winter session of Parliament, PTI reported.

It was reported that whenever the bill is brought, it would be referred to the parliamentary standing committee for wider deliberations with stakeholders, the PTI report said.

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