Upcoming crypto bill

India is set to propose a new cryptocurrency bill in parliament, and investors are trying to make sense of what this might mean for the future of virtual coins in South Asia's largest economy. Lawmakers may ultimately opt to impose tough regulations on the crypto market instead of an outright ban on private coins, according to a top executive at Zebpay, one of India's largest crypto exchanges. A parliamentary bulletin dated Nov. Through that bill, India is seeking to ban most private cryptocurrencies as well as to establish a framework for creating an official digital currency to be issued by the Reserve Bank of India.

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India might tighten crypto rules instead of imposing an outright ban, crypto exchange boss says

The current bill is a new bill on crypto, which will be presented in the Parliament after the Cabinet nod, Union Finance Minister Nirmala Sitharaman said. Union Finance Minister Nirmala Sitharaman today said the Centre will introduce a bill on cryptocurrencies in the Parliament after Cabinet's approval. The current bill is a new bill on crypto, which will be presented in the Parliament after the Cabinet nod, Sitharaman said.

Answering a question relating to cryptocurrencies in Rajya Sabha, FM Sitharaman said, "This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advisements.

The government will soon introduce a Bill. The Finance Minister also said that there is no decision to stop advertisements of digital currencies. She added that there were extensive discussions on the regulatory capacity of cryptocurrencies and "let's wait for the Bill". Earlier on Monday, FM Sitharaman said the government has no proposal to recognise Bitcoin as a currency in the country. She also informed the House that the government does not collect data on Bitcoin transactions.

Replying to a question on whether the Centre has any proposal to recognise Bitcoin as a currency in the country, the FM said, "No, sir". Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. It was introduced in by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system. It is reportedly the first decentralised digital currency where peer-to-peer transactions take place without any intermediary.

The Bill seeks to ban all private cryptocurrencies but allows for some exceptions to promote the underlying technologies, while allowing an official digital currency by RBI. Never miss a story! Stay connected and informed with Mint.

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Explained: All that we know about the upcoming Cryptocurrency Bill 2021

New Delhi : As investors wait eagerly for the cryptocurrency bill, new reports have emerged that signal that the bill is unlikely to be introduced in the upcoming Budget Session of the parliament too. Earlier, the bill was scheduled to be introduced in the Winter Session but was postponed due to various reasons. According to a report by The Economic Times, the central government wants to hold more discussions before introducing the much-awaited bill. Here's What Experts Expect. The central government, according to the report, is looking forward to making a consensus on the regulatory framework first. It is expected to be launched in a few months. The Budget Session will begin on January 23 and Budget will be presented on February 1,

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Cryptocurrency in the infrastructure bill: The industry won last-minute concessions.

And not just crypto. Another must-pass bill, another rushed policy that severely damages the privacy and constitutional rights of cryptocurrency users. In brief, it would hand the Treasury Secretary unchecked discretion to forbid financial institutions including cryptocurrency exchanges from offering their customers access to cryptocurrency networks. The Secretary may not use this discretion immediately, but it is not power the Department should have. Allow us to unpack all this and explain why this bill, if it includes the new language, would help the US compete with China not on economic growth and innovation, but on denying citizens due process and human rights. There are five of them. These measures can be put in place if the Secretary of the Treasury deems that. And none of the special measures can become permanent, under the current law, without a public process. This means the public will, at the very least, be alerted to the imposition of these draconian controls and have some opportunity to comment about their merit or constitutional deficiencies. The proposed language in the America COMPETES Act would, and we cannot stress this enough, remove all formal controls, time limits, and public notice requirements from the imposition of these draconian measures.

Cryptocurrency Bill at Union Budget 2022: Here's What to Expect

upcoming crypto bill

India is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill. Expectations had grown in recent months that the government may soften its view on digital currencies. The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses. Cryptocurrency prices dropped on Indian exchanges after the decision on the bill's future was announced.

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India to propose cryptocurrency ban, penalising miners, traders - source

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Crypto Bill likely to miss Budget session as govt seeks time to build consensus

The upcoming budget session of the parliament is likely to see conversation on crypto taxation. Calls for crypto regulation from governments across the world are mounting as we step into but India's cryptocurrency sector has been thriving in a rather legal grey area for quite some time now. The union government has been keen on introducing a cryptocurrency regulation, or a bill, but if recent reports are anything to go by, further delay is expected as the upcoming budget session of parliament that commences on January 31 is unlikely to offer any immediate regulatory relief to investors or other industry stakeholders. But a recent report by Coindesk reveals that the parliament intends to buy itself more time to hold more discussions and build consensus on the regulatory framework. However, based on a mix of information that has come through over the past year and more, there are few things we can expect from the government, should the topic of cryptocurrency regulation come up over the upcoming budget session of the parliament which ends on April 8. Crypto industry insiders, investors, and traders are expecting the introduction of a proper tax policy framework for crypto earnings in the upcoming Union Budget although that is likely to form only a portion of the eventual bill.

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Why crypto Bill is unlikely to be taken in winter session of Parliament

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: India at crypto crossroads as New Delhi considers ban Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.

Govt may not introduce bill in Winter Session of Parliament

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In a breather for crypto trading platforms and investors, the Cryptocurrency and Regulation of Official Digital Currency Bill, , which was listed by the government as one of the agenda items for the Winter Session of the Parliament, might not be tabled in the ongoing session. Some of the issues pertaining to the bill need more discussions and comments from the public. The government felt that any law around cryptocurrencies needs to be in synch with a global framework which is still evolving after discussing the matter at the highest levels, the report said, quoting an unnamed government official. However, for consumer protection and taxation of cryptocurrencies, existing laws and regulations could be tapped, it was felt.

A draft for the America Competes Act of was introduced in the House of Representatives earlier this week, but a provision buried deep in the 2,page document has alarmed lobbyists who are concerned about how it grants unchecked power to a single entity capable of banning cryptocurrency transactions at will. Talks about banning cryptocurrencies have already happened on numerous occasions in the past.

After Winter Session, Crypto Bill Unlikely To Be Introduced In Budget Session Too

The proposed crypto bill by the Indian government may bring about tougher measures for crypto, including time in jail for those who violate the law, Reuters reported on Tuesday, citing an unidentified source and the summary of the draft bill. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. Amitoj Singh.

Editorial: Cryptocurrency law: Strict regulation, investment clarity need of the hour. A second crypto investor said the value of his portfolio fell to about Rs 22, from Rs 34, on Tuesday as a result of heavy selling. Also read: What will happen if cryptocurrencies are banned in India? Know all about the new bill for bitcoin and company.

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