The government of India may not table Crypto Bill in the ongoing session of the Parliament, as the government plans not to rush on this issue. But they may take an ordinance route for this, NDTV reported.
The government of India may consider bringing an ordinance or special order on cryptocurrency after the winter session of Parliament, reported NDTV citing sources. Moreover, the government wants Crypto regulation in tandem with the global framework and wanted to add more changes to the Bill.
Earlier today, December 15, The Economic Times, citing a senior government official made clear that the proposed cryptocurrency bill may not be introduced in the Winter Session of Parliament as planned.
Notably, the government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for the winter session that began on November 29 but Finance Minister Nirmala Sitharaman told Parliament that the government would bring in the legislation after the cabinet’s approval.
"We are close to bringing a bill in Parliament. It will be introduced in the house once the cabinet clears the bill," the Nirmala Sitharaman said during the question hour in the Rajya Sabha on November 30.
Recently, while speaking at a virtual summit hosted by U.S. President Joe Biden on Friday, Prime Minister Modi said that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.
Earlier, while addressing the Sydney Dialogue on November 18, PM Modi urged democratic nations to work together to halt the misuse of technological innovations like cryptocurrency. "It is important that all democratic nations work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths," Modi mentioned in a tweet. The government of India previously mentioned that Modi would take the final call regarding the regulatory framework for cryptocurrency in India.
Meanwhile, with the increase in popularity of cryptocurrencies, The popularity of cryptocurrency has led to frauds and scams. At least eight cases of cryptocurrency-related frauds are already under investigation by the Directorate of Enforcement, the Ministry of Finance said in a reply to the Parliament on Monday, December 13.
The global crypto market capitalisation of cryptocurrency worldwide is $2.21 trillion, a 2.60 per cent increase over the last day. The total crypto market volume over the last 24 hours is $99.80 billion, which makes a 1.65 per cent decrease, according to coinmarketcap.com.