The Indian government is not yet ready to finalize the notorious cryptocurrency bill that could ban all digital assets payments in the country and practically destroy the entire industry of digital payments.
Indian parliament has no time to approve bill
The Indian government has stated that the cryptocurrency bill will most likely be postponed and discussed sometime in the foreseeable future since regulators need to finalize all details before legislation, according to Bloomberg's sources.
The Indian prime minister's administration is looking forward to broader consultation on the proposal before making it law in the country. Since the topic itself can be considered complicated from both the technical and social sides, the current session will not be able to finish the discussion due to ending on Dec. 23.
According to the schedule for parliament's last week before the new year, the cryptocurrency bill is no longer a topic of discussion but could still appear on the panel as part of the legislation discussion process.
Cryptocurrency bill in a nutshell
The bill will be a first step toward the creation of the country's official digital currency, according to the law's description on parliament's website. In addition to the creation and development of the official CBDC, all other "private" cryptocurrencies in the country would be banned except for coins that provide underlying technological use.
These exceptions have not been elaborated on by either the official website or the country's regulators.
Indian crypto market
India remains one of the biggest markets for digital assets in the world and accounts for 641% growth in 2021. The regulatory call was just a matter of time, and the market could no longer remain unregulated. The proposed law has undergone numerous changes and has been a topic of discussion in the Indian parliament since November.