The government of India will not consider a
cryptocurrency-related draft bill during the winter session of Parliament as previously
The draft legislation entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” is not included in the session agenda issued in India’s lower house of parliament, Lok Sabha, on Nov. 14.
The Indian government stated in August 2019 that the
draft bill would be introduced in the winter session of Parliament, taking
place between Nov. 18 and Dec. 13.
The draft bill intends to not only enforce a complete ban on crypto in India but also to introduce a “Digital Rupee” issued by the country’s central bank, the Reserve Bank of India.
Although, the proposed bill does not apply to Bitcoin’s (BTC) underlying technology of blockchain as well as other related technologies associated with the development of the technology, including blockchain-based financial applications.
Relief For Crypto Community in India
Nischal Shetty, CEO of Wazirx crypto exchange, said that the delay is great news for the crypto ecosystem in India:
Sohail Merchant, CEO of Indian crypto exchange Pocketbits, considered the news a temporary relief while tweeting:
Tim Draper, the Pro-Bitcoin VC Investor, says that India is leaving itself vulnerable to corruption by attempting to ban cryptocurrencies such as Bitcoin (BTC).
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