India Winter Sessions End Without Long-awaited Crypto Bill

The Indian Winter Conference, which started on November 29, has ended on December 23. However, the long-awaited Indian Crypto Bill was not discussed a second time.

Crypto platforms in India have been operating under unclear regulations for some time, and this is not the first time that Indian society has been expecting clarity.

current,

current,Official Crypto Bill 2021 Removed From India Winter Session Agenda. Media reports suggest the bill is expected to be introduced next year。

According to relevant regulations, five states in India will hold parliamentary elections in 2022. A source pointed out that the government does not want to "hasty" pass the Crypto bill. According to the speculation, the government will develop a Crypto regulation that is consistent with the "global framework" after the state election.

In this regard, Siddharth Sogani, founder and CEO of CREBACO, believes, “I believe it will take more than three years for a proper set of regulations to be developed.”

He noted in an interview with AMBCrypto,India has great potential, young and large population, jobs and investments make India a positive market。

Furthermore, Siddharth Sogan noted that “if properly regulated, India has a greater opportunity in the crypto space than any other country in the world.”

Last time, when Finance Minister Nirmala Sitharman delayed the development of Crypto, she said that the proposed rules were still awaiting the cabinet's signature and were being finalized.

Rameesh Kailasam, chief executive of India's technology advisory body, said that India may not propose a separate Crypto bill at all.

Instead, the government may amend existing laws to include new asset classes, however this may ignore controls on XI money and international transfers。

Kailasam pointed out, "If a separate law is drafted, it needs to go through a process, such as drafting, approval by the Ministry of Law, cabinet note, entry into parliament, debate and passage in both houses, presidential consent, etc., before the bill can be formed.

The original text comes from ambcrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

The original text comes from ambcrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.