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.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE