Modi Submits No Cryptocurrency Bill in Winter Session of Parliament
Since last few months the crypto market remained in news as Modi Government and RBI discussed regarding making rules for Cryptocurrency trading in India. However, till the end of this winter session of Parliament no bill has been submitted by the government, making it a hard guess for the crypto fans.
When asked to Nirmala Sitaraman, the Finance Minister, she told that the draft of crypto bill is almost complete and waiting for final approval from the Cabinet to be submitted as bill.
Millions of crypto traders were waiting for the future of their crypto with this new bill as Government was showing their concern regarding this digital currency and announced that it will introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to get control over this trending digital currency. It was assumed that during this winter session of Parliament this bill will be introduced and people had a huge eagerness to know about the future of their crypto.
A senior member of BJP told that BJP wants to get control over the booming digital currency; but, our agenda isn’t to put people in trouble. So, we are taking taking to create a complete rule which will protect the fund of citizens while deter the unofficial and unsafe crypto currency. So, we may introduce the bill by the budget session in February.
As told by the Finance Minister, Smt. Nirmala Sitarman, the bill is waiting for the sign off by the India’s highest decision making body, the Cabinet and after that we’ll introduce it in the Parliament and it will happen soon.
So, it’s clear that people need to wait some time more to know what happens to the crypto in which they have already invested. As per a senior crypto trading expert government shouldn’t take any negative decision against crypto as it’s not literally possible to ban this internationally currency; rather government can collect good amount of tax by regulating it properly.