February 1, 2023

India postpones consideration of cryptocurrency bill

India postpones consideration of cryptocurrency bill

The government of India did not include the bill on the ban on cryptocurrencies and the regulation of official digital currencies on the agenda of the winter session.

In summer, the country's authorities said they were planningdiscuss this project from November 18 to December 13. The bill involves not only a complete ban on the use of cryptocurrencies, but also the issuance by the Reserve Bank of India of a digital rupee. At the same time, it does not affect the blockchain and related technologies or applications based on it.

The news of the postponement of the bill was joyfully received by representatives of the localcrypto communities. According to them, this will give additional time for preparation and association for the joint protection of the industry. Some even believe that the government decided not to rush into the ban in order to reconsider their views on this issue.

However, extra time may beused to revise mechanisms towards tightening. Since earlier in the process of discussing the bill, the government proposed introducing punishment up to a ten-year prison term for illegal use of virtual assets.