According to reports, the cryptocurrency bill is not on the agenda for the cabinet meeting on December 15, indicating that Parliament may not take up the bill during the current winter session, which ends on December 23.
The bill is also absent from both houses of Parliament’s agendas. According to CNBC-TV18, the law is still being worked on and will not be debated in Parliament on December 15 since the government is still finalising regulatory requirements.
In a recent written response, Minister of State for Finance Pankaj Chaudhary stated that a “law on cryptocurrencies and regulation of official digital currency is under finalisation for cabinet consideration.”
According to reports, the government may enlist the help of the market regulator Securities and Exchange Board of India to monitor cryptocurrency activity in the country.
The Biological Diversity (Amendment) Bill, the Wildlife (Protection) Amendment Bill, the Mediation Bill, the National Anti-Doping Bill, and the Chartered Accountants, the Cost and Works Accounts, and the Company Secretaries (Amendment) Bill are all expected to be debated in Parliament this week, according to sources.
The government had planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, during the winter session, which began on November 29, but Sitharaman told Parliament that the bill would be introduced after cabinet clearance.
“We are on the verge of introducing a measure in Parliament. It would be introduced in the House once the bill has been approved by the cabinet “On November 30, the minister stated during Question Hour in the Rajya Sabha.
According to reports, the government intends to rename the bill to include crypto assets, such as non-fungible tokens, or NFTs.
As digital currencies become more popular in India, the government has been discussing a crypto bill, with reports claiming that more than two crore Indians have invested in these currencies, despite the fact that they operate in a grey area.
Prime Minister Narendra Modi recently urged for a coordinated effort to set global social media and cryptocurrency regulations.