The crypto bill is no longer on the agenda for the Indian parliament's winter session.

 The crypto bill is no longer on the agenda for the Indian parliament’s winter session.

The Cryptocurrency and Regulation of Official Digital Currency Bill isn't on the list of bills that India's lower house will discuss as the winter session comes to a close.

Although the Indian government may still be drafting a measure that would outlaw certain cryptocurrencies, parliamentarians are unlikely to vote on any legislation during the current parliamentary session.

According to a Friday publication, India's lower house of parliament, Lok Sabha, will likely not be looking at a bill proposing the prohibition of “all private cryptocurrencies” before its winter session ends on Thursday. The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear as one of the seven bills on the government body’s agenda over the last days of its 2021 session.

According to a Lok Sabha bulletin dated Nov. 23, Indian lawmakers could vote on legislation that establishes "a facilitative framework for creation of the official digital currency" issued by the Reserve Bank of India. Furthermore, the bill proposes prohibiting the use of some cryptocurrencies. The similar bill has appeared on the parliament's agenda before, but no vote on the regulatory framework or legal status of digital assets has taken place.

The Reserve Bank of India's blanket ban on cryptocurrency, which had been in effect for two years, was overturned by India's supreme court in March 2020. Since then, reports from a variety of local media sites, as well as statements from government officials, have suggested that the government is studying several options for regulating or banning digital assets.

 

Even if India's parliament fails to pass crypto legislation, President Ram Nath Kovind may be able to use an ordinance to expedite the bill while the Lok Sabha is not in session, which is expected to be between December and January. India's Finance Ministry is also said to be exploring a regulatory structure that would treat cryptocurrencies more like commodities than currencies.

With a population of 1.4 billion people, India's decision to create a concrete legislative framework for a central bank digital currency and to ban several token initiatives is sure to cause big waves in the market. Following the bill's presentation to the legislative agenda in November, crypto exchange WazirX witnessed massive selloffs, with major price decreases for Bitcoin (BTC), Ether (ETH), and other tokens.

 

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