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India Could Not Regulate Crypto This Winter As Initially Planned: Report

India could not regulate crypto this winter as it was the initial plan and it might not ban private digital assets during the wintertime as well because the Parliament has to discuss these issues with its citizens so let’s read more today in our cryptocurrency news. The second-most populated country is considering delaying the implementation […]

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India Could Not Regulate Crypto This Winter As Initially Planned: Report

India could not regulate crypto this winter as it was the initial plan and it might not ban private digital assets during the wintertime as well because the Parliament has to discuss these issues with its citizens so let’s read more today in our cryptocurrency news.
The second-most populated country is considering delaying the implementation of crypto regulations. Before putting BTC and other altcoins under its scope, the Indian government will first talk to the public and learn more about the issue. The government of India revealed more plans to impose strict rules on the local digital asset space and the legislation was called “the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” which is aimed to ban private cryptocurrencies. However, the authorities wanted to bring a better ecosystem for the state-controlled central bank digital currency and the plan was to first enforce the rules during the winter session of the Parliament.

Now, however, it seems that India could not regulate this winter because of a new proposal urging the authorities to initially discuss the theme with the public. A senior government official whose name was not mentioned said that the Indian ruling body should get familiar with the reaction of the population first before stepping into action. He added that the country has to follow the global trends before imposing strict rules:
“After several rounds of discussions at the highest levels, it felt that any legislation surrounding cryptocurrency must be in tandem with a global framework which is still evolving. It might be a better strategy to wait and observe how this space evolves globally. Also, it felt that the government could consider existing laws and regulations to ensure consumer protection and taxing cryptocurrency transactions in the meantime.”

The official revealed that the policymakers are looking at whether the legislation should include an upcoming CBDC and since the digital version of the national currency is about to be widely used, it could operate under the RBI Act. A few weeks back, Avinash Shekhar who is the Chief Executive Officer of the ZebPay exchange, said that the governemnt officials will not impose a ban on digital assets like China did but they would enforce tough rules that are indeed necessary:
“The message which we are getting from the government is that they’re looking for some kind of regulation, strict regulation, but not a complete ban.”