Indian parliament's agenda includes crypto training session, leaves out bill banning digital assets

Published at: Jan. 31, 2022

The latest bulletin covering the agenda for India's lower house of parliament includes “a lecture on understanding cryptocurrency” and its economic impact.

According to a Monday publication from the Lok Sabha, the Parliamentary Research and Training Institute for Democracies group within the government has organized a training evening for lawmakers on Feb. 2 regarding crypto and its effects on the Indian economy. In addition, the legislative business calendar for the lower house of parliament no longer includes a bill which could potentially ban crypto in the country.

The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear as one of the 15 bills the government body will consider when it convenes for its Budget Session. Previously published texts of the bill propose banning “all private cryptocurrencies” in India except for assets aimed at promoting “the underlying technology of cryptocurrency and its uses.” 

The proposed legislation has popped up on the country’s parliamentary agenda multiple times since the Indian supreme court overturned a blanket ban on crypto in 2020 that had been imposed by the central bank. The Reserve Bank of India may also be moving forward soon with trials of a central bank digital currency — a digital rupee — but at the time of publication officials have not announced a test run for the CBDC.

Related: India to regulate, not ban, crypto: Cabinet documents

Many reports from local media outlets have suggested that some lawmakers in India are seeking different legislative paths to handle the growing crypto market, from proposing projects not being legally allowed to operate in the country to taxing crypto earnings differently. In October, officials from the Finance Ministry reportedly considered implementing a legal framework that could treat crypto more like a commodity than currency.

The Budget Session officially started today, with both Houses in the Indian Parliament planning to meet in separate shifts to fight the spread of COVID-19. The session is expected to run until May.

Tags
Regulation
Cryptocurrencies
Ban
Indian Government
India
Reserve Bank Of India
Related Posts
Proposed crypto ban legislation reportedly under review by India’s government
India’s government is reportedly reviewing modalities for banning or regulating cryptocurrencies in the country. According to Bloomberg Quint, reports indicate that the government is in talks with financial regulators and industry stakeholders to examine the provisions of an earlier proposal that effectively called for a blanket prohibition of crypto in India. Back in February, several reports out of India stoked fears of a possible crypto ban that has so far failed to materialize. Instead, the emerging narrative out of the country is that the authorities are considering a more nuanced approach to cryptocurrency regulations, with blanker prohibitions out of the …
Regulation / June 16, 2021
India to reportedly ditch Bitcoin ban agenda in favor of asset classification
The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto. According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies. According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the …
Bitcoin / June 10, 2021
Indian crypto exchange execs intensify lobbying efforts to prevent ban
Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations. According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India. The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country. For Shetty, the proactive approach adopted …
Regulation / March 29, 2021
Indian Banks Act Slow to Accept Crypto Industry Despite RBI’s Approval
The repeal of a blanket ban on cryptocurrencies in March by India’s central bank, the Reserve Bank of India, has been a boon to the thriving crypto industry in India — with the launch of new exchanges being a catalyst. This is despite the country being one of the most severely affected nations by the COVID-19 pandemic, which has led to a deepening economic crisis across the nation. For investors and fintech innovators alike, cryptocurrency and blockchain technology have proven to be a much-needed respite in these challenging times. Regulatory uncertainty Repealing the blanket ban was not the ultimate solution …
Blockchain / June 27, 2020
Crypto prices in India tumble after crypto bill announced
Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH). Crypto prices in India crashed soon after the parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. As Cointelegraph reported, the bill seeks a legislative vote on creating an official digital currency while imposing a ban on “all private cryptocurrencies,” starting Nov. 29. A mass sell-off on WazirX in the morning of Nov. 24 …
Adoption / Nov. 24, 2021