Why government has not listed cryptocurrency bill for Monsoon Session of Parliament?

Against widespread expectations, the government has not listed the much-awaited Cryptocurrency Bill in the upcoming Monsoon Session of Parliament, which commences on July 19.

Officials declined to comment as to whether the bill will be tabled later in the Winter Session this year or even beyond that.

Moneycontrol has learnt from multiple sources that there are two reasons for the bill not being tabled now.

Further deliberations needed

First, while a draft bill is ready, further deliberations are still being held between the Finance Ministry, Reserve Bank of India (RBI), banks and other stakeholders. The government wants to take a considered decision on cryptocurrency. It is understood that while there will be no outright ban on cryptocurrencies, they won’t be allowed as legal tender either. Rather, cryptocurrencies are likely to be treated as a tradeable asset class with a market, ‘like commodities or art,’ as per sources.

Copyright @ 2021 MoneyControl.com

Image courtesy PxHere