Rajarshi Mitra
Independent Analyst
- As opposed to an earlier announcement in August, the Parliament has not included the draft bill on crypto ban in the winter session.
- CEO of WazirX exchange, Nischal Shetty, tweeted that this is great news as the government is reevaluating the ban.
Contrary to what was previously planned, the government of India will not be considering a crypto-related draft bill during the winter session of Parliament. The session agenda issued in India's Lok Sabha on November 14 did not include the draft bill named "Banning of Cryptocurrency & Regulation of Official Digital Currencies." In August, the Indian government had stated that the draft bill would be introduced in Parliament in the winter session, lasting from November 18 to December 13.
According to an earlier report by Cointelegraph, the draft legislation allegedly intends to impose a ban on crypto usage in India. Additionally, it is also planning to launch a "digital rupee" issued by the Reserve Bank of India - the country's central bank. However, while the bill aims to ban Bitcoin and other cryptocurrencies, it will not be applicable to the underlying blockchain technology.
Sohail Merchant, CEO of Indian crypto exchange Pocketbits, tweeted:
Draft Bill for Banning of Crypto is not on the Agenda for Parliament Winter Session. Relief for now, but use this time to come together and present our case to the regulators. Forget competition/ego & echo our thoughts with a single voice.
The CEO of Wazirx crypto exchange, Nischal Shetty, said that the delay is good news, implying that the government is taking time to reevaluate the ban on cryptocurrency in the country.
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