News Networks Provide Updates on the Progress of India’s Cryptocurrency Bill

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The government of India is fast approaching an introduction of a cryptocurrency bill in Parliament. Last week, CNBC TV18 and BloombergQuint reported on the status of the bill and what discussions the Indian government is having surrounding cryptocurrency.

BloombergQuint’s Account

According to BloombergQuint, “India will go ahead with a complete ban on investment in cryptocurrencies while providing existing investors a transition period to exit the holdings…this would include a ban on transacting directly via foreign exchanges.” The publication featured “a senior finance ministry official on condition of anonymity.” The anonymous official added that the ban would not be an outright action but that “cryptocurrency investors will be given a transition period of three to six months after the implementation of the new law to liquidate their investments.”

The official also noted that “India’s new law will be modeled on China’s regulatory regime, which has effectively banned trading and usage of cryptocurrency, while the government is working on issuing its virtual currency.”

CNBC TV18’s Account

The other report from CNBC TV18 noted that “sources suggest the government is discussing rules on the Indian cryptocurrency framework, and it’s likely to spell out the modalities soon.” A reporter from CNBC TV18, Timsy Jaipuria, illustrated that the rules would determine “the period which will be given to withdraw from existing cryptocurrencies.”

She also stated that the framework would dictate how the Reserve Bank of India (RBI) will derive value from India’s official digital currency and the penalties for those that fail to comply with the set rules.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 has will be introduced in the Lok Sabha, the lower house of India’s Parliament, during the current Parliament session. That said, there are echoes that the Indian government plans on fast-tracking the bill to bar cryptocurrency use in the country.

 

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