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According to reports, the Indian government is making additional changes to the country’s encryption bill. The bill was included in the current parliamentary meeting and may be considered at the budget meeting. According to reports, the government can also “consider issuing a decree or special order after the meeting.”
India’s encryption bill needs more work
According to reports, the Indian government is planning to make additional changes to the encryption bill. The “Cryptocurrency and Regulation of the Official Digital Currency Act of 2021” is currently under Listed Will be deliberated at the winter meeting of parliament.
However, a senior government official told Business Today that the government is considering revising the bill and may propose it at the budget meeting in February. According to an official who asked not to be named:
Discussions are ongoing, and key issues such as the handling of private cryptocurrencies, the basic principles of regulation, and global practices are being studied again.
The Indian government refers to all non-central bank-issued cryptocurrencies as “private cryptocurrencies”, including Bitcoin and Ethereum.
In addition, NDTV also reported on Wednesday that the government is planning to make some changes to the bill. The publication quoted an unnamed source as saying that the government wants India’s encryption regulation to be consistent with the global framework, but does not want to rush to enact encryption laws. The news media added:
There may be more changes to the encryption bill…The center may consider issuing a decree or special order after the meeting.
The country’s Finance Minister Nirmala Sitharaman recently stated that the cryptocurrency bill requires Rework Before submitting to the Cabinet.
According to the legislative agenda of the Lok Sabha Winter Session of the House of Commons in India, the current bill aims to “prohibit the use of all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology and uses of cryptocurrencies.” parliament.
Although the government did not provide details of the bill, there are reports that India is planning adjust For crypto assets, the Securities and Exchange Commission of India (SEBI) is the main regulatory agency.In addition, the government is planning The use of cryptocurrency for payments is prohibited, and a deadline is set for investors to comply with new regulations and declare their crypto assets.
Indian Prime Minister Narendra Modi participated in the finalization of India’s cryptocurrency legislation to a certain extent. He hosted several high-level meetings on cryptocurrency, and according to reports, he is making a final decision on the country’s cryptocurrency regulation.
Last week, he stated at the Democracy Summit hosted by US President Joe Biden that cryptocurrency should be used to empower democracy, not to undermine it.His Twitter account was subsequently Hacked And published a tweet claiming that India has adopted Bitcoin as legal tender and purchased 500 Bitcoin Distributed to all residents.
When do you think India will finally regulate cryptocurrencies? Please let us know in the comments section below.
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