India’s exceptionally expected cryptographic currency regulation bill most likely will not be introduced to Parliament until next year’s session starts in late January or early February, a few media outlets have revealed today. Also, media reports refering to sources said the crypto bill isn’t on the plan of the Cabinet meeting booked for now.
India’s Next Cabinet Meeting is on December 22
The next Cabinet meeting is on December 22, and hence it is profoundly impossible that the crypto bill will get cabinet approval and afterward likewise be introduced in parliament. The bill is likewise probably not going to be introduced in parliament in this session as the government is thinking about changes to the proposed bill in a quick advancing space.
The process requires the draft bill to be submitted to the Cabinet for consideration before introduction in parliament. With no Cabinet approval this week, time is running for the bill to be introduced in this session of parliament, which closes Dec. 23.
Postponement Won’t End the Chance of Crypto Regulation Bill
This doesn’t totally preclude the chance of crypto regulations soon and even before the next session of parliament. The government has the choice of promulgating an ordinance as opposed to presenting the bill in parliament first assuming it verifies that the need has emerged.
The Cabinet has as of now had casual discussions around the draft bill and that once the bill is postponed in front of cabinet, and afterward supported, it is probably going to go to the standing panel on finance in parliament for additional scrutiny and discussions. The cryptocurrency bill has been recorded for the continuous winter session of parliament and was likewise recorded in the last budget session however has not been introduced in one or the other session.