Cryptocurrency Bill may not Introduced in the Ongoing Winter Session

The government is considering changes to the proposed cryptocurrency framework, a senior government official said. this implies that it may not be introduced during the winter session of parliament as planned. The issues being debated include the necessity for wider consultation and seeking comments from the general public also as to whether the central bank Digital Currency (CBDC) to be introduced by the reserve bank of India has to be a part of this bill or should be addressed under the RBI Act. "After several rounds of discussions at the apex levels, it had been felt that any legislation surrounding cryptocurrency must be in tandem with a global framework which continues to be evolving. it would be a far better strategy to wait and observe how this space evolves globally," the official told ET. "Also, it had been felt that the government could consider existing laws and regulations to make sure consumer protection and taxing cryptocurrency transactions within the meantime." Prime Minister Narendra Modi had on Friday asked for united efforts to shape global norms for social media and cryptocurrencies to make sure they're meant to "empower democracy and not to undermine" it at the Summit for Democracy hosted by US President Joe Biden.