Much Awaited Crypto Bill May Skip Budget Session

The government is likely not to introduce the much awaited bill regarding cryptocurrency in the upcoming budget session as it requires more discussion over regulatory frame work. “The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time,” a senior finance ministry official told ET.

Regarding this, government is looking to hold more discussions with the stakeholders to firm up a view on the policy, according to officials with knowledge of the matter. A legislative framework will also require amendment of some existing laws.

The lack of consensus over the taxation framework may be another reason for the delay, said people with knowledge of the matter. As there is already a consensus on treating cryptocurrencies as assets, an official said, but other issues were still open-ended.

Further, the government is also waiting for the pilot launch of Reserve Bank of India’s digital currency, which expected in a few months. It wants to wait for technical inputs from RBI after the pilot launch of its digital currency, the official said. RBI has raised concerns about private digital currencies, citing macroeconomic and financial stability issues.

However, earlier the government had also listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction in the budget session last year but that didn’t happen.

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