According to reports, the Indian government is trying to “fast track” a revised cryptocurrency bill, which will be presented at the winter meeting of Parliament. It is expected that India’s encryption legislation will adopt a “middle way” approach to balance the concerns of all stakeholders.

According to reports, India amended the encryption bill to be introduced at the beginning of the parliament’s winter session

India is currently working on cryptocurrency regulation. “Economic Times” quoted an unnamed government source on Monday to report that the government is now considering a “middle way” to balance all stakeholders’ concerns about regulating cryptocurrencies.

The person explained that, given that a large number of Indians are investing in crypto assets, a complete ban on cryptocurrency is considered infeasible, adding that making cryptocurrency a legal tender like El Salvador is not an option. The source said:

A balance must be found… The intermediate path that balances the concerns of all stakeholders is more likely.

The publication stated that policymakers recently received a presentation on cryptocurrencies, including a presentation from the Ministry of Finance. It covers the pros and cons of cryptocurrency, the regulation of other countries, the crypto investment of Indians, and the central bank Reserve Bank of India (RBI)’s view on crypto. The Bank of India has repeatedly stated that it has “Serious concern“About the cryptocurrency that has been communicated to the government.

The source said that another speech may involve cryptocurrency taxation, and pointed out that cryptographic legislation will be submitted to the cabinet after legal review and is expected to take place at the upcoming winter parliamentary meeting. The winter meeting began on November 29.

In addition, CNBC-TV18 reported on Monday that the Indian government is working to amend the proposed cryptocurrency bill. The publication also quoted an unnamed source as saying that the bill may be proposed at the beginning of the parliamentary winter session.

In June 2019, the Ministry of Finance of India Publish A draft cryptocurrency bill called “Prohibition of Cryptocurrency and Regulation of Official Digital Currency Act”. It proposes to ban all cryptocurrencies except those issued by the state.In January of this year, a bill with a similar title was Listed for consideration Lok Sabha, the lower house of the Indian Parliament. However, it was not introduced.Since then, there have been several reports indicating that the government is planning to use cryptocurrency as a asset types In India, instead of banning it. In September, the Chairman of the Standing Committee on Finance of the Indian Parliament explained that India’s cryptocurrency legislation will be “Unique and unique. “

The news outlet further pointed out on Monday that Treasury officials are trying to “fast track” the revised cryptocurrency bill.

At the same time, the Reserve Bank of India is also studying the central bank digital currency (CBDC) and plans to adopt The end of the year. State-backed digital currency is expected to be launched Phased.

Do you think India will propose aggressive encryption regulations? Let us know in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons