India’s New Crypto Regulations | Avaneesh Parasar

As things stand now, Bitcoin and other cryptocurrencies are not illegal in India but are unregulated, And that ‘unregulated’ part is what is bothering the government.
Avaneesh Parasar

India’s new crypto regulations are ready for the monsoon session of parliament, says the country’s Finance Minister

India’s Finance Minister, Nirmala Sitharaman

India is inching closer to regulating cryptocurrencies within its borders. The country’s Finance Minister, Nirmala Sitharaman told The Hindu that India’s crypto bill is ready and the government has taken inputs from industry stakeholders to prepare the document.

“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,” she said in her interview.

That could mean that the new laws to regulate cryptocurrencies in India could be up for debate during the next session of the Parliament, which is set to kick off on July 19.

The bill was also listed for the Budget session of the Parliament — which takes place from February to March — but wasn’t tabled at the time, possibly because the session had to be cut short due to the second COVID-19 wave that hit the country at the time.

The Indian government’s stance on crypto remains unclear

The bill that was expected to debut during the Budget session of Parliament was expected to pitch for a ban on all ‘private cryptocurrencies’, and also layout the framework for a central bank digital currency (CBDC) — or a digital version of the rupee.
Read Full Article- https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms