Government of India May Not Launch Crypto Bill in Winter Session
The Cryptocurrency and Regulation of Official Digital Currency Bill, which was supposed to launch in the winter session of Parliament, may not be introduced as planned, as the Indian govt is considering modifications to the proposed framework. Few issues surfacing the bill required public opinions and discussions, including the Central Bank Digital Currency (CBDC) in the existing framework or under the Reserve Bank of India (RBI) Act.
After rounds of higher-level discussions, the govt felt that any regulations surrounding cryptos must be in tandem with a global structure that is still evolving. However, the govt can think about the current rules and regulations to ensure taxing crypto exchanges and consumer protection. At the Summit for Democracy conducted by US President Joe Bide, India's Prime Minister - Narendra Modi, called for unison efforts to alter global regulations for cryptos and social media to ensure they are leveraged to empower democracy and not for undermining.
Regulators were thinking about whether or not to cover the CBDC in the legislation draft and stated that it is the currency; hence it could be regulated via the RBI Act. Some of the changes in the draft include the appointment of the Securities and Exchange Board of India (Sebi) to supervise cryptos, as they are classified as financial assets. The next one was to offer cryptos holders a deadline to meet any new regulations and declare their assets.