March 21, 2023

Great Indian Mutiny

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India’s crypto bill pass is delayed again

The bill, which bans the trading and mining of cryptocurrencies and paves the way for the official and public digital currency, requires cabinet approval to be heard in the full session of parliament. But for the second time, According to various media outlets, this is not on the agenda for the December 15 meeting.

This makes sense One more chance on December 22nd, One day before the end of the parliamentary session year. The next session will not begin until the end of January or the beginning of February 2022.

The process requires it The bill is submitted to the Cabinet for consideration before being introduced in Parliament Also, this week it was time to go to the bill session, without cabinet approval.

The possibility of regulating cryptocurrencies in the future has not been completely ruled out And before the next session of Parliament. The Government of India has the option of passing an emergency law rather than submitting a bill to Parliament if the need arises.

According to the ‘CoinDesk’ report, The Cabinet has already held informal talks on the bill Once the bill is tabled and approved by the Cabinet, it is likely to go to the Parliamentary Standing Committee for consideration and discussion.

At the Virtual Summit for Democracy on December 11, Indian Prime Minister Narendra Modi said: “We must also collectively design global standards for emerging technologies, Social media and cryptocurrencies are used to promote democracy, not to undermine it.

A senior Indian government official said: “After several rounds of high-level discussions, It was felt that any law surrounding cryptocurrency should still be in line with the emerging global framework.. According to The Economic Times, it may be a good idea to wait and see how this place develops around the world.

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