Before adopting the cryptocurrency regulation bill, the Indian government wants to study the global practice of overseeing the crypto industry.
High-ranking source in the Indian government
reportedthat the proposed draft “Law on Cryptocurrencies and the Regulation of the Official Digital Currency 2021” will not be signed this year. According to him, the Indian authorities must first familiarize themselves with the reaction of the general population, and then proceed to action. He also added that the country needs to follow global trends before imposing such strict rules:
“After several rounds of discussions at the highest level, it was decided that any legislation related to cryptocurrencies should be consistent with the global framework, which is still evolving. It might be better to wait and see how the cryptocurrency industry develops in the world. ”
He believes that the government will be able to study existing laws and regulations during this time to ensure investor protection and taxation of cryptocurrency transactions. Policymakers are debating whether legislation should include rules to regulate the government’s digital currency, as the digital version of the local currency can be tested and operated under the Reserve Bank of India (RBI) Act.
Recall that after the hacking of the Indian Prime Minister’s Twitter account, the opposition Indian National Congress party demanded that the government clarify its position in relation to cryptocurrencies. On December 12, hackers hacked into the Twitter account of Indian Prime Minister Narendra Modi, announcing on his behalf the legalization of bitcoin in the country and the “distribution” of 500 BTC. According to the opposition, if the Indian government had more clearly defined its position in relation to cryptoassets, the “viral” post about the distribution of bitcoins would be believed by far fewer people.
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