The cryptocurrency bill may not be introduced in the ongoing winter session of Parliament, top sources have told CNN-News18. This bill was, however, listed for business in the current session of Parliament but a top government functionary told CNN-News18, “It is a very critical bill whose dynamics are diverse. So, a detailed deliberation to that effect is still in process.”
The source further said the government would consider bringing in a law to ensure consumer protection, which is the highest priority.
Representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies and other stakeholders made submissions on crypto finance on November 15 before a parliamentary panel chaired by BJP leader Jayant Sinha. The committee had recommended that the need of the hour was to regulate crypto and not ban it completely.
On November 13, a meeting was chaired by Prime Minister Narendra Modi on the future of cryptocurrency and related issues. It was also the outcome of a consultative process that the Reserve Bank of India, the finance and home ministries had done an elaborate exercise on it and also consulted experts from across the country and the world.
Global examples and best practices were also looked at and it was strongly felt that attempts to mislead the youth through over-promising and non-transparent cryptocurrency advertising be stopped.
It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.
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