It appears that the Indian Government would not be presenting the Cryptocurrency Bill during this Monsoon Session, according to the reports.
Instead of a crypto bill, the government has decided to table 17 other new bills in Parliament.
However, this is not the first time the crypto bill has been kept aside for a time being. Earlier during the Budget session, it was being assumed that the government would present the bill but that could not happen, due to the second wave of COVID19.
After viewing several incidents and Indian traders’ attraction towards cryptos, the Government of India, in January 2021, announced to introduce a bill to develop the country’s own digital currency and ban private digital assets in the market.
“The bill seeks to prohibit all private cryptocurrencies in India. However, would allow certain exceptions to promote the underlying technology of cryptocurrency and its uses,” said the government.
In April 2018, the Reserve Bank of India (RBI) released a circular for the Indian banks, asking them to stop offering their services to crypto platforms. This caused a slump in the Indian crypto market. During that time period, the trading volume came down by 99 percent, also around 95 percent of crypto-related jobs vanished.
However, the Indian crypto exchanges did not lose hope, they filed a petition in the Supreme Court against RBI’s order. The battle between the two parties went for a long time but in March 2020, the SC lifted the ban imposed by the RBI.
As per the report, the government planned to present the crypto bill in the Monsoon session of the Parliament. During an interview, Nirmala Sitharaman, the Finance Minister of India, indicated that the new crypto bill would cover all aspects of the crypto ecosystem.
She stated, “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.”
However, the bill has been delayed, yet again, and its fate still remains undecided in India.
The fact can not be denied that India is among the fastest-growing crypto markets around the world. Within a year, the market has grown from $200 million to $4 billion. Many crypto-related companies are looking to expand their businesses to India, now.
According to the reports, Coinbase, one of the top-tier crypto exchanges around the world, announced that it is planning to expand its business to India. It mentioned that initially, the company would be hiring the local talents from the country and work in a remote model system.