Indian parliament winter session ends without a crypto bill

India’s crypto community is left with unclarity on crypto regulations given the parliament’s winter session just ended, however the crypto bill was not tabled yet again. With this, it will be the second time that ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was listed on the agenda but never made it to the parliament. After the second postponement, it is unlikely for the Indian crypto bill to become a law, at least not until next year’s Budget Session, that will end in the month of April.
The crypto community in India is left on a cliffhanger, waiting for the government to give clarity whether or not the country’s crypto regulations will be in favour of the industry. While Finance Minister, Nirmala Sitharaman has continued to convey a positive approach towards crypto regulations, the Reserve Bank of India (RBI) has displayed opposite intent and the crypto community might be caught in the cross-fire of the Indian authorities’ conflict-of-interest.
RBI suggests blanket ban on crypto
Last week, CoinGape reported on RBI’s alleged suggestions to implement a blanket ban on crypto in the country. According to Economic Times insider reports, in the Central Board of Directors of Reserve Bank of India (RBI) meeting, RBI argued in favour of an absolute ban on cryptocurrencies. RBI supported its anti-crypto stance with its long standing argument about crypto as a threat to macroeconomic and financial stability, along with exchange management.
Furthermore, the market is raging with speculations that an absolute ban or at least stricter crypto regulations could be implemented in lieu of the Crypto Bill’s postponement. The industry remains concerned, questioning if the reason behind the incomplete draft could in fact be a 180 degree turn towards an absolute ban on crypto over regulations?
Nirmala Sitharaman ascertained at the beginning of crypto bill discussions this winter session that the government was not looking at banning crypto. However, with the second failure to table the bill in parliament, Sitharaman’s word may just prove false.
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns