Indian government to ‘fast track’ amending new crypto bill: Report

November 10, 2021

According to reports, India is currently working on a new cryptocurrency bill to introduce in the winter session of the parliament which starts from November 29th. India’s crypto legislation is expected to take a “middle path” approach to balance all stakeholders’ concerns, reported The Economic Times.

Recently, a presentation was given to policy makers as well as the finance ministry. The presentation touched upon crucial elements like pros and cons of cryptocurrency, crypto regulations in other countries, crypto investments by Indians, and the view of the Reserve Bank of India (RBI), on crypto. RBI has expressed serious concerns about crypto to the government from time to time. Meanwhile, another presentation is likely to be made on cryptocurrency taxation, the source said.

Meanwhile, India’s central bank is also working on a central bank digital currency (CBDC), aiming to introduce a digital rupee model by year-end. The state-backed digital currency is expected to be launched in phases.

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