{"id":14116,"date":"2021-11-09T15:54:07","date_gmt":"2021-11-09T15:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/india-plans-to-fast-track-new-cryptocurrency-bill-seeks-to-take-middle-path-to-regulate-crypto-report\/"},"modified":"2021-11-09T15:54:07","modified_gmt":"2021-11-09T15:54:07","slug":"india-plans-to-fast-track-new-cryptocurrency-bill-seeks-to-take-middle-path-to-regulate-crypto-report","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/india-plans-to-fast-track-new-cryptocurrency-bill-seeks-to-take-middle-path-to-regulate-crypto-report\/","title":{"rendered":"India Plans to \u2018Fast Track\u2019 New Cryptocurrency Bill, Seeks to Take \u2018Middle Path\u2019 to Regulate Crypto: Report"},"content":{"rendered":"

The Indian government is reportedly trying to \u201cfast track\u201d a modified cryptocurrency bill to be introduced in the winter session of parliament. India\u2019s crypto legislation is expected to take a \u201cmiddle path\u201d approach to balance all stakeholders\u2019 concerns.<\/strong><\/p>\n

India Reportedly Modifying Crypto Bill to Introduce at the Start of Winter Session of Parliament<\/h2>\n

India is currently working on cryptocurrency regulation. The government is now considering taking a \u201cmiddle path\u201d that balances all stakeholders\u2019 concerns to regulate cryptocurrencies, the Economic Times reported Monday, citing an unnamed government source.<\/p>\n

An outright ban on cryptocurrencies is not seen as feasible given a large number of Indians are investing in crypto assets, the person explained, adding that making cryptocurrencies legal tender, as El Salvador did, is not an option either. The source said:<\/p>\n

A balance has to be found \u2026 A middle path that balances the concerns of all stakeholders is more likely.<\/p>\n

Policymakers were recently given a presentation, including by the finance ministry, on cryptocurrency, the publication conveyed. It covered the pros and cons of cryptocurrencies, regulation by other countries, crypto investments by Indians, and the view of the central bank, the Reserve Bank of India (RBI), on crypto. India\u2019s central bank has repeatedly said that it has \u201cserious concerns<\/a>\u201d about crypto which have been communicated to the government.<\/p>\n

Another presentation will likely be made on cryptocurrency taxation, the source said, noting that the crypto legislation will go to the Cabinet after legal vetting, which is expected to be in the upcoming winter session of parliament. The winter session starts on Nov. 29.<\/p>\n

In addition, CNBC-TV18 reported Monday that the Indian government is working on modifying a proposed cryptocurrency bill. The publication also cited unnamed sources who said the bill is likely to be introduced at the start of the winter session of parliament.<\/p>\n

In June 2019, the Indian Ministry of Finance published<\/a> a draft cryptocurrency bill titled \u201cBanning of Cryptocurrency and Regulation of Official Digital Currency Bill.\u201d It recommends banning all cryptocurrencies except state-issued ones. In January this year, a similarly titled bill was listed for consideration<\/a> in Lok Sabha, the lower house of India\u2019s parliament. However, it was not introduced. Since then, several reports suggest that the government is planning to regulate crypto as an asset class<\/a> in India instead of banning it. In September, the chairman of India\u2019s Parliamentary Standing Committee on Finance explained that cryptocurrency legislation in India will be \u201cdistinct and unique<\/a>.\u201d<\/p>\n

The news outlet further noted Monday that finance ministry officials are trying to \u201cfast track\u201d a modified cryptocurrency bill.<\/p>\n

Meanwhile, the RBI is also working on a central bank digital currency (CBDC), planning to unveil a digital rupee model by year-end<\/a>. The state-backed digital currency is expected to be launched in phases<\/a>.<\/p>\n

Do you think India will come up with a positive crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Ban Cryptocurrencies, crypto introduced in cabinet, cryptocurrency bill, Cryptocurrency regulation, India, india crypto regulation, Indian, new crypto bill, winter sesson of parliament<\/p>\n","protected":false},"excerpt":{"rendered":"

The Indian government is reportedly trying to \u201cfast track\u201d a modified cryptocurrency bill to be introduced in the winter session of parliament. India\u2019s crypto legislation is expected to take a \u201cmiddle path\u201d approach to balance all stakeholders\u2019 concerns. India Reportedly Modifying Crypto Bill to Introduce at the Start of Winter Session of Parliament India is…<\/p>\n","protected":false},"author":0,"featured_media":14117,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14116"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14116"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14117"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}