The government of India will not consider a cryptocurrency-related draft bill during the winter session of Parliament as previously planned.
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:
GREAT NEWS for the Crypto ecosystem of India The draft Crypto banning bill will NOT be included in the upcoming parliament session of November 2019. Great to see Indian Government not rushing into this. They're listening 🚀https://t.co/rIW3GQmb6l#IndiaWantsCrypto — Nischal (WazirX) ⚡️ (@NischalShetty) November 15, 2019
Sohail Merchant, CEO of Indian crypto exchange Pocketbits, considered the news a temporary relief while tweeting:
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.#BitcoinSahiHai#IndiaWantsCrypto — Sohail Merchant (@inkparadox) November 15, 2019