As cryptocurrency has become a hot topic in India, the Indian Government decided to propose a new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to possibly regulate the digital currency in the country. However, it seems like this might not happen anytime soon, as these plans are now being delayed.
As per a recent report, the government might delay the said crypto bill as the authorities are thinking of making changes to the proposed framework. It is reported that the bill might not be tabled during the upcoming winter session and might be pushed to the next Parliament session.
The bill also seeks to make crypto an asset instead of a currency and might introduce penalties (a fine of up to Rs 20 crores or a jail term of up to 1.5 years) if the passed rules are violated. Although, since the bill hasn’t been presented (or passed for that matter) yet, it remains to be seen what all and when it will bring to the table. We shall keep you posted on this.
