The Cryptocurrency Bill will not be presented before the Cabinet on Wednesday, sources told NDTV. The government didn’t want to rush with the Bill, they added.
New Delhi: The Cryptocurrency Bill will not be presented before the Cabinet on Wednesday, sources told NDTV. The government didn’t want to rush with the Bill, they added.
The Centre has apparently asked for crypto regulations in tandem with the global framework, they further stated.
Sources, familiar with the matter, also mentioned that more changes could be expected in the Bill and the Centre might consider ordinance route post the Winter Session of Parliament.
Prior to this, NDTV reported that the Crypto Asset Bill proposes to prohibit usage of crypto asset as currency substitutes or as payment systems for remittances.
It also proposes to establish a facilitative framework for distributed ledger technology and also lay the groundwork for creation of the official digital currency to be issued by the Reserve Bank of India (RBI) and regulated under the RBI act.
The Bill seeks to minimise financial stability risk by suitably ring-fencing the formal financial sector from crypto assets.
It proposes to impose a penalty for contravention of its provisions by individuals as well as corporate bodies the offences shall be cognizable and non-bailable.
The Bill also seeks to ban all private cryptocurrencies in India and facilitate regulation.
The regulator for virtual currency will be the Reserve Bank and crypto assets will be regulated by market regulator SEBI.
The size of crypto assets in India is about ₹ 45,000 crore with about 15 million investors.
