Indian government officials have reportedly stated that India’s cryptocurrency bill will take more time because cryptocurrencies are complicated matters. As a result, the bill is unlikely to be introduced during the forthcoming parliamentary session. According to a report from Economic Times, the Indian Government intends to have additional discussions in order to reach an agreement on a regulatory framework for cryptocurrency. The Indian government may not present a cryptocurrency bill in the forthcoming session of Parliament. This was reportedly conveyed by a senior official from the Indian bureaucracy.
A cryptocurrency bill was scheduled to be discussed at the winter session of parliament, however it was never brought up. According to reports, the administration is now rethinking the proposal.
According to the insiders, the government wants to wait for technical feedback from the Reserve Bank of India (RBI) following the trial release of its central bank digital currency (CBDC), the digital rupee. The trial launch is scheduled to happen in the next few months.
The central bank of India has proposed a blanket ban on cryptocurrencies. The central bank has often expressed concern about the threats that cryptocurrencies pose to the country’s financial system. Earlier in the last week, Prime Minister Modi called for a worldwide effort to address the issues raised by cryptocurrencies.
Meanwhile, the Indian cryptocurrency industry is looking for tax clarification in the Union Budget. The Directorate General of GST Intelligence (DGGI) of the government recently raided major cryptocurrency exchanges and discovered “vast” GST tax fraud.