New Delhi: Indian Cryptocurrency bills that are widely awaited cannot be presented in the ongoing parliamentary session because the government has not resolved the details of the law, according to people with knowledge of this issue.
Prime Minister Narendra Modi Administration Wants a broader consultation on this issue before completing the rules to rule the digital currency and there is not enough time because the current session ends on December 23, said people, asking not to be identified as a discussion of personal.
Also, the cabinet has not agreed to the proposed legislation.
CryptocurrencyLivea spokesman for the Ministry of Finance cannot be contacted immediately for comments.
The schedule for the last week of the parliamentary session has dropped the Cryptocurrency bill from the business list installed on its website.
However, the government can still bring laws through regulations in the period when parliament is not in the session.
The bill proposed to help the central bank create an official digital currency, a description on the Parliament website said last month.
Legislation tries to “ban all personal cryptocurrency in India, however, this allows the exception to promote the underlying Cryptocurrency technology and its use,” read text.
India with almost 1.4 billion people is one of the fastest growing markets in the world to trade Cryptocurrency, but the country has hot and cold relations with virtual coins.
The central bank has effectively prohibited Crypto transactions in 2018, but the Supreme Court hit the restrictions last year.
Calls for more stringent rules have grown since then amid fears that an unregulated environment can attract more domestic household savings to volatile assets.
The Crypto market in India has grown 641% from 2021, according to the October report from Chainalysis, a crypto analysis company.
The bill has been reworked to make it newer, Finance Minister Nirmala Sitharaman has said before.
While bank reserves want a cryptocurrency ban, the government is considering the option to allow Crypto as a financial asset, Bloomberg News has reported earlier.
The government will delay the introduction of Crypto bills in parliament
