India Will Soon Introduce Crypto Bill On Next Parliament Session

It has been reported that the Indian government has recently submitted a daft crypto bill to the supreme court and expressed its intention to introduce the bill in the next parliament session.

During the hearing the government has requested the court to adjourn the crypto case until January as it intends to introduce in the said bill in parliament during the winter session which will take place in November and December.

The interministerial committee (IMC) is tasked with studying all aspects of cryptocurrencies and providing recommendations, a draft crypto bill was made public in July 22 but the bill has yet to be introduced in parliament.

According to Financial Express publication the government informed the court that the IMC has recommended a complete ban on private cryptocurrencies in India which includes prohibitions on mining, generating, holding, selling and issuing, disposing of or use cryptocurrency in the territory of India.

In this light the Indian crypto community has ramped up efforts to influence the government's final decision on the country’s crypto policy with many cryptocurrency proponents stating the people involved in drafting the bill no not understand the technology and usage of crypto assets.