The cryptocurrency bill is not on the agenda of the cabinet that meets on December 15, sources have said, an indication that the much-awaited piece of legislation may not be taken up by Parliament during the ongoing winter session that concludes on December 23.
The bill also doesn’t find any mention on the agenda of both houses of Parliament as well. The bill is still in the works and will not be up discussed by Parliament on December 15 as the government is still finalising the regulatory provisions, CNBC-TV18 has said.
Minister of State for Finance Pankaj Chaudhary said in a written reply recently that a "bill on cryptocurrency and regulation of official digital currency is under finalisation for consideration of the cabinet”.
Reports have also suggested the possibility of the government roping in the market watchdog Securities and Exchange Board of India to oversee cryptocurrency movement in the country.
Sources said Parliament would to take up five Bills this week—Biological Diversity (Amendment) Bill, the Wildlife (Protection) Amendment Bill, the Mediation Bill, the National Anti-Doping Bill, and the Chartered Accountants, the Cost and Works Accounts and the Company Secretaries (Amendment) Bill.
The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for the winter session that began on November 29 but Sitharaman told Parliament that the government would bring in the legislation after cabinet’s approval.
"We are close to bringing a bill in Parliament. It will be introduced in the house once the cabinet clears the bill," the minister said during the Question Hour in the Rajya Sabha on November 30.
The government is also reportedly planning to rename the bill to widen its scope to crypto assets, including non-fungible tokens, or NFTs as they are better known.
The government has been talking about a crypto bill as the digital currencies get popular in India, with reports saying that more than two crore Indians have invested in these currencies even though they operate in a grey area.
Prime Minister Narendra Modi recently called for a united effort to shape global norms for social media as well as cryptocurrencies.
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