More Changes Likely On Crypto Bill, Government Goes Slow:

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According to the sources, The Cryptocurrency Bill will not be discussed by Prime Minister Narendra Modi's cabinet today and may not be brought into Parliament in the ongoing winter session, signaling that the government doesn't want to rush on the law.


Here are Your 10-Point Snippets To This Crypto Story:
    1. More changes are likely in the Crypto Bill, sources say, and the Centre might consider bringing an ordinance or special order after the session.
    2. The Centre reportedly wants India's crypto regulations to be in tandem with the global framework.
    3. The Crypto Asset Bill seeks to allow cryptocurrency as an asset and ban its use as currency or payment.
    4. The Bill also proposes to establish a framework for distributed ledger technology (to record, share and synchronize transactions) and also lay the groundwork for the creation of the official digital currency to be issued by the Reserve Bank of India, which is to be regulated under the RBI Act.
    5. The Bill seeks to minimize financial stability risk by suitably ring-fencing the formal financial sector from crypto assets.
    6. The Bill also proposed a penalty for violations by individuals as well as corporate bodies. Offenses under the law will be non-bailable.
    7. Offenses could be punished with a jail term of one and a half years and a fine of up to Rs. 50 crores.
    8. The regulator for crypto will be the Reserve Bank and crypto assets will be regulated by market regulator SEBI.
    9. The Bill also proposes to ban all private cryptocurrencies in India and facilitate regulation.
    10. The size of crypto assets in India is estimated to be about Rs. 45,000 crores with approximately 15 million investors.

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