India’s crypto community has been left with ambiguity over crypto regulations in view of the winter session of Parliament, although the crypto bill was not reintroduced. With this, this will be the second time that ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was listed on the agenda but never made it to Parliament. After the second moratorium, the Indian crypto bill is unlikely to become law, at least until next year’s budget session, which ends in the month of April.
The crypto community in India has been left on a cliff, waiting for the government to clarify if the country’s crypto regulations will not favor the industry. While the Finance Minister, Nirmala Sitharaman, continues to express a positive attitude towards crypto regulations, the Reserve Bank of India (RBI) has displayed the opposite intent and the crypto community may be caught in the cross-fire of Indian authorities conflict-of-interest.
RBI suggests blanket ban on crypto currencies
Last week, CoinGape reported on alleged suggestions by the RBI to implement a complete ban on crypto in the country. According to an insider report by Economic Times, in the meeting of the Central Board of Directors of the Reserve Bank of India (RBI), RBI argued in favor of a complete ban on cryptocurrencies. The RBI backs its anti-crypto stance with its longstanding argument about crypto as a threat to macroeconomic and financial stability, as well as exchange management. Furthermore, the market is raging with speculation that a complete ban or at least stricter crypto regulations could be implemented in lieu of a moratorium on the crypto bill.
The industry is concerned, questioning whether the reason behind the incomplete draft could actually be a 180-degree turn toward a complete ban on crypto on regulations? Nirmala Sitharaman discovered at the start of the crypto bill discussion in this winter session that the government is not considering banning crypto. However, with the second failure to introduce the bill in Parliament, Sitharaman’s point may prove to be false. First appeared on CoinGape after the winter session of the Indian Parliament ended without a crypto bill.
25 December, 2021, 10:41 am
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