No more crypto ban in India, lawmakers to undergo training session
The crypto bill in India was perceived as a strict regulation that was aimed to put a ban on 'private' cryptocurrencies. Since then, previous reports have claimed that India also aims to release a CBDC in 2 forms: one for retail and one for wholesale purposes. However, it seems that the bill won't be discussed in the upcoming session of Lok Sabha, the Lower House of the Indian Parliament.
Lawmakers of India to undergo a training session
The Cryptocurrency and Regulation of Official Digital Currency Bill needs further research, it seems, and the lawmakers of India are hesitant before signing off the official bill. The latest report, which covers the agenda of the Lower House, stated that the lawmakers will receive "a lecture on understanding cryptocurrency and its impact on Indian Economy."
Source: Lok Sabha PublicationOn the other hand, out of the 15 bills that the Lower House will discuss in its upcoming session, cryptocurrencies will not be a part of it. This suggests a further delay in the finalization of the crypto bill of India as investors remain curious about what the government is planning to do.
Different paths
In a previous report by Cryptonary, we discovered that law experts in India have different approaches towards the implementation of crypto regulations. While some law experts suggest that the government should wait and discuss the bill in depth before actually publishing the bill, others suggest that the government should implement the bill in India and let it mature with time.On the other hand, the Prime Minister of India, Narendra Modi, claims that the regulation of cryptocurrencies requires global cooperation and cannot be included by just one nation. Meanwhile, there is a growing usage of blockchain and crypto tech in the country, with Axis Bank completing the first domestic trade transaction on the blockchain.
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