According to Bloomberg, the much-anticipated Cryptocurrency Bill is unlikely to be introduced during the current winter session of Parliament since the Centre has yet to complete the legislation’s specifics. According to the article, the cabinet of Prime Minister Narendra Modi needs more talks before finalizing the regulations governing digital currencies, and there isn’t enough time because the current session expires on December 23.
Last week, NDTV reported that the Bill might not be introduced in Parliament this session, indicating `that the administration is taking its time with the legislation.
According to sources, the Crypto Bill may undergo more amendments, and the Centre may consider issuing an ordinance or particular order following the session.
The Cryptocurrency Bill has been removed from the list of firms listed on Parliament’s website for the final week of the session.
However, during periods when Parliament is not in session, the government can nonetheless enact laws through an ordinance.
The Bill proposes that all private cryptocurrencies be banned in India and simplify regulation.
It also suggests a penalty for both persons and corporations who violate the law. Offenses under the law will be non-bailable and punishable by a one-and-a-half-year prison sentence and a fine of up to Rs 50 crore.
The Reserve Bank of India (RBI) will oversee crypto regulation, while market regulator SEBI will oversee crypto assets.
In India, the value of crypto assets is estimated to be over 45,000 crores, with approximately 15 million investors.
Union Finance Minister Nirmala Sitharaman had previously stated that the Crypto Bill had been revised to make it more current. While the RBI wants to restrict cryptocurrencies, the government allegedly considers allowing them to be used as assets.
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