Winter Session of Parliament Ends, But No Crypto Bill Tabled

On 23th December, parliament marked the last day of winter session this year, as it was highly anticipated that the Crypto Bill 2021 would be tabled in this winter session, which would apparently decide the future of Cryptocurrencies in India. This session of parliament has ended but the cryto bill did not come to table.

Earlier, According to Lok Sabha Bulletin, the bill aims “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

According to the Finance Minister, Nirmala Sitharman, the proposed rules are still waiting on the sign off for the Cabinet, India’s highest decision making body. She also confirmed that the pending crypto bill is most definitely different from its 2019 iteration, which banned all crypto-related activities in the country.

There has been no official statement since the bill was sent to cabinet for approval. This Crypto Bill was listed in the budget session this year but then too, it was off the table in that session as well.

Earlier in December, Prime Minister Narendra Modi also called out for norms that would shape up the crypto space to “empower” democracy and not “undermine” it.

According to some reports, The draft cryptocurrency bill probably will not become law until after next year’s Budget Session ends in April, adding to uncertainty about the state of crypto regulation in the nation.