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India remains highly doubtful regarding the release of its next crypto or web3-related legislative bill following remarks made by a senior lawmaker. In a recent interview with CoinDesk, a senior official overseeing the financial sector within the nation provided exclusive insights into the matter.
The senior official, Jayant Sinha, Chair of the Standing Committee on Finance, cracked down on maintaining an equilibrium among the regulators and policymakers alongside the AI developers within the nation.
Besides, the senior official also hinted towards the next potential release of a crypto,web3-related bill, proclaiming it may take as long as 18 months for the next legislative bill to come. The interview came to pass during the Indian Blockchain Week held at Bengaluru, India’s IT hub.
Jayant Sinha Justifies Statements On Web3 Legislative Bill
According to Sinha, maintaining an equilibrium among regulators and policymakers alongside Web3 and crypto innovators within the country is a must. Moreover, the nation jacks up such innovators.
However, maintaining safety standards also appears vital for the nation’s citizens. Concerning the aforestated claims, Sinha asserts that finding a balance remains crucial as the evolution of the Web3 realm over the next 12 to 18 months appears pivotal.
In addition to this, Sinha mapped out three significant factors that hamper the drafting of Web3-related bills any time soon. These factors encompass the industry changes subsequent to the collapse of FTX, escorted by Binance’s regulatory chronicle, and the 2024 elections within India and the US.
Also read: Bitcoin (BTC) CME Gap At $39,700, Is It Good Or Bad News For Investors?
India Embarks On Advancing Its Digital Asset Landscape
Furthermore, India’s position on crypto witnessed a surge in audits following Sept. 2023, wherein it urged the G20 under its presidency to accept global guidelines for crypto without having its own legislation in place.
Additionally, India appears to have kept a crypto bill in the locks since 2021, although the country hints at deciding its position in the upcoming months.
However, that position is unlikely to come forth in the form of a bill, at least till late 2024, according to Sinha’s remarks. Simultaneously, the senior official stated that India anticipates embarking on a string of policies that feature a defacto regulatory framework within the crypto, Web3 landscape.
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