India to Make Adjustments to the Proposed Crypto Bill in February

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New reports show that the government of India plans to implement some changes to the controversial crypto bill. The crypto bill—the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021”—falls on a list of legislative items to be considered in the winter session of parliament.

According to Business Today on Thursday, a senior government official noted that the government is considering making adjustments to the bill and should reintroduce it in the budget session in February. The unnamed government official added noted:

“Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation and global practices [are] being looked into once again.”

That said, the Indian government recently labeled all non-CBDCs “private cryptocurrencies,” including Bitcoin and Ethereum.

Local news network NDTV reported similar news on Wednesday after revealing that the government plans to make some adjustments to the crypto bill. Citing references from unnamed sources, NDTV noted that the government wants the Asian nation’s cryptocurrency regulation to align with the global framework but that it wants to take its time to get the crypto law right. The publication added that:

“More changes are likely in the crypto bill … and the Centre might consider bringing an ordinance or special order after the session.”

India to Ban the Use of Crypto Outside Investing/Speculation

India’s finance minister, Nirmala Sitharama, recently asserted that the proposed bill needed reworking before final submission to the cabinet. The current crypto bill wants “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the legislative agenda for the winter of the lower house of the parliament, Lok Sabha.

While no official details of the bill have been published yet, reports show that India plans on regulating the crypto industry in its jurisdiction, with the Securities and Exchange Board of India (SEBI) overseeing the regulatory process. Also, the country plans to outrightly ban the use of crypto for payment within its borders and set a deadline for investors to declare their crypto assets or risk jail time without bail.