The Government of India was expected to submit the crypto bill expected during the ongoing parliamentary winter session. However, according to the press that came out at the time of the press, that may no longer be the case.
Expected changes in #CryptoBill
New crypto bills may not be submitted during this parliamentary session
— Sonal MehrotraKapoor (@Sonal_MK) December 15, 2021
In 2022, five Indian states are heading for parliamentary elections. Source The government claims it doesn’t want to “rush” cryptocurrency invoices. It is speculated that the administration will work on cryptocurrency ordinances in line with the “global framework” after the state elections.
That said, DeFi and NFT players have contacted the government with new regulatory concerns. They want the clarification of the proposed regulations, but are afraid to be clubbed with other cryptocurrencies.
Toshendra Sharma, founder and CEO of NFTically, told ET:
“India’s DeFi is still in its infancy. DeFi revolves primarily around cryptocurrencies and staking, so if crypto trading is considered illegal in India, it will be greatly affected. It’s the government. Depends on how crypto transactions are defined and how the system is set up to track them. “
Unlike many crypto exchanges in India, very few offer DeFi services, including crypto deposits, insurance and loans on FinTech platforms.
In fact, local reports indicate that some banks are affiliated with smaller banking companies and co-operatives and are looking to open ATMs.
Kumar Gaurav, Founder and Chief Executive Officer of Cashaa, told ET:
“We have contacted the Treasury and state registrars to understand which path we have taken. So far, crypto seems to be allowed as an asset class. Once regulated, we will cooperate with the network. Create additional unions. Nationwide. “
Earlier, the Finance Minister had cleared her position in Congress that there was no proposal to recognize Bitcoin as a currency. However, this has raised concerns about NFT (Non-Fungible Token) platforms. NFT companies are reportedly opposed to being placed in clubs under commodities like other cryptocurrencies.
Kumar further argued that the industry wanted the government to define cryptography to have a positive impact on its adoption. He added,
“… More and more people are proclaiming it so they can use it to take out loans or deposit to earn interest.”
Meanwhile, domestic opponents are also calling on the government to clarify its position on cryptocurrencies. Especially after Prime Minister Modi’s Twitter handle was temporarily compromised and crypto tweets started the round.
Also read: Opposition wants the government to clear its position on cryptocurrencies
