Here’s Why Cryptocurrency Bill for Monsoon Session of Parliament Was Not Listed
- BySheetal Sidhu | July 15, 2021
Against widespread expectations, the government has not listed the much-awaited Cryptocurrency Bill in the upcoming Monsoon Session of Parliament, which commences on July 19. Officials declined to comment as to whether the bill will be tabled later in the Winter Session this year or even beyond that. while a draft bill is ready, further deliberations are still being held between the Finance Ministry, Reserve Bank of India (RBI), banks and other stakeholders. The government wants to take a considered decision on cryptocurrency. It is understood that while there will be no outright ban on cryptocurrencies, they won’t be allowed as legal tender either. Rather, cryptocurrencies are likely to be treated as a trade able asset class with a market, ‘like commodities or art,’ as per sources.
Another,more important reason, as far as the government is concerned, is that regulation of cryptocurrencies is not that high on the Center’s economic agenda right now. Policymakers believe that while there are substantial investments in cryptocurrency and the market will only continue to grow, its impact on the real economy is minimal right now. “There are only so many bills and amendments one can push through in a session of Parliament, including the ones pending from the Budget Session.
According to data from crypto exchanges, there are approximately 1.5 crore Indians who have invested in cryptocurrencies, holding worth Rs 15,000 crore, with more and more people starting to invest. There are 350 startups which operate in the blockchain and crypto space.
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