2 November 2024
No More Crypto Ban, Indian Lawmakers To Undergo a Crypto Training Session.
The recent agenda for India's lower house of parliament includes “a lecture on understanding cryptocurrency” and its economic impact.
As per the publication from the Lok Sabha, there is going to be a training session on Wednesday evening for lawmakers regarding Crypto and its effects on the Indian economy. This training session will be arranged by the Parliamentary Research and Training Institute for Democracies group. Also, the legislative business calendar for the lower house of parliament terminates the bill that could potentially ban Crypto in the country.
According to reports, the Cryptocurrency and Regulation of Official Digital Currency Bill will not be included as one of the 15 bills the government body will consider when it convenes for its Budget Session. Previously, the bill proposed banning “all private cryptocurrencies” in India except for assets aimed at promoting “the underlying technology of cryptocurrency and its uses.”
Since the Indian Supreme Court overruled a blanket ban on Crypto in 2020, the proposed legislation came up on the country’s parliamentary agenda several times. Additionally, the Reserve Bank of India (RBI) will soon conduct trials of a central bank digital currency but at the time of publication, no test run is announced for the CBDC by officials.
There are many reports from local media outlets suggesting some Indian lawmakers are seeking different legislative paths to handle the growth of the Crypto market. Back in October, Finance Ministry officials were considering implementing a legal framework that could treat Crypto more like a commodity than a currency.
Also today, the Indian Finance Minister Nirmala Sitharman announced that the government will launch a digital rupee soon using Blockchain. It will be issued by the Reserve Bank of India (RBI) and will be launched within 2022-2023.
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