According to a report, Indian government authorities may introduce a crypto regulation bill in the winter season of 2021.
A few days back, we reported the news on the Indian crypto bill and according to that report, sources claimed that India will introduce its crypto regulation bill by February 2022. But now the current report is contradictory.
CNBC-TV18 published a report on 8 November, according to this report, they got information from their sources that Indian government authorities will introduce the crypto regulation bill by the winter season of 2021.
“The government is likely to move the cryptocurrency bill at the start of the winter session of Parliament, “news read.
However, earlier this proposed bill was scheduled for Feb 2022. But the source news claimed that the new decision of the regulators is because of the rapid expansion of the crypto-related activities and growing market. And there is a sudden need to regulate these things.
The report also said that the past crypto ban bill of India is under modification. New modification in the “India crypto ban bill” will bring not positive and not negative results for the crypto industry in India. So instead of a ban, the government will impose highly restricted regulations to provide a better ecosystem for the crypto users in the crypto market.
India on bitcoin as legal tender
If we look in the past, then RBI ( Central bank of India) always warned the crypto users of India and said that no one virtual currencies are Centralised by the Central banks and also there are risky investments. And also Bitcoin or any other virtual currency can’t be used as legal tender.
And later, they imposed a ban on crypto banking and ordered all the banks to stop their services for the crypto platforms. But later, the supreme court of India revoked the ban and said that Banks have the freedom to give services but they needed to warn their customers against the crypto investment risks.