The Indian government has submitted a draft crypto bill to the supreme court and expressed its intention to introduce the bill in the next parliament session. The court subsequently set a new date to hear the case relating to crypto regulation. Meanwhile, the Indian crypto community has ramped up efforts to influence the government’s final decision on the country’s crypto policy.
Government Unveils Plan for Crypto Bill
The Indian government has been deliberating on the crypto report submitted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The report containing a draft crypto bill was made public on July 22 but the bill has yet to be introduced in parliament.
During Thursday’s supreme court hearing of the crypto case, the government unveiled its plan regarding the bill. Financial Express publication reported that the government informed the court that the IMC has recommended a “complete ban on private cryptocurrencies” in India, adding:
The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, will be introduced in parliament in the next session.
An Indian platform for crypto regulatory news and analysis, Crypto Kanoon, reported that the government requested the court to adjourn the crypto case until “January as it intends to introduce the bill in parliament in [the] winter session.”
While the Indian government intends to introduce this bill, Nischal Shetty, CEO of local exchange Wazirx, emphasized that it is not set in stone as the crypto community in India is working tirelessly to convince the government that the bill is flawed. “I’m sure such a rough draft bill which does not even classify crypto properly will not be presented in parliament,” he opined.