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The Indian crypto industry will have to remain patience a little longer, as the government is postponing the consideration of the cryptocurrency bill in the upcoming session of Parliament.
The cryptocurrency bill was initially scheduled to be considered in the winter session of parliament but was left out with the government now reportedly reworking the bill.
As reported in the Indian Economic Times on Wednesday, the country’s government needs more preparation and wants to hold additional discussions to build consensus on the proposed cryptocurrency regulation.
An unnamed senior official for the Ministry of Finance said:
“The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time.”
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The official further told the Economic Times that the government needs the technical inputs from the Reserve Bank of India (RBI), after the launch of its central bank digital currency (CBDC) pilot which is expected in the upcoming months.
Although India’s central bank, the RBI, is in favor of an outright ban on cryptocurrency due to its perceived risks to the country’s financial system, it recently said that a partial ban is not feasible.