India’s crypto community has all been waiting for regulations from the government. There have been many reports and news that we might see a new bill regarding the same before the winter session ends in December. But there are some roadblocks as some parts of the bill still need some work. And it seems that India’s Prime Minister, Narendra Modi, will make a final call regarding crypto regulation. If this happens, which is most likely, we are going to see some sort of crypto regulation very soon.
India’s crypto regulation
The news regarding crypto regulation in India started in the summer session of the parliament. But the bill wasn’t passed because a lot of changes were to be made. Hence, we had to wait until December. Now, it seems that the bill has been approved by the finance ministry, and there are just some things that need attention. Some things are clear, though, like crypto not getting banned in India or the confirmation that it is not becoming legal tender. The most likely route that the government has taken is to put crypto in the asset territory.
Even though it is clear that India won’t ban crypto, the same is still being discussed. There are several options in front of the regulators. First is a complete ban, then we have a partial ban allowing some categories, they can also allow a few select currencies or lastly allow everything. We might also see a CBDC from the Reserve bank of India, which will be backed by the Indian government.
India’s Prime Minister will have to finally decide on these options based on the advantages and disadvantages they bring. There will also be some segments that will be continued to amend and change as time passes. Seeing the current trajectory of the regulation bill, it seems unlikely that the bill will be introduced by the end of the winter session. It is going to be delayed again, and we might not see the same before mid-2022.
What are your thoughts on India’s crypto landscape and the Prime Ministers’ final call regarding crypto regulation? And do you think we will see the bill being introduced anytime soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.