In Brief:
- The Indian parliament’s agenda includes a Crypto training session for lawmakers on Wednesday.
- The crypto bill is further delayed and is not among the 15 bills to be discussed in the budget session.
- The previous crypto bill which was aimed to put a ban on private cryptocurrencies is under the scanner.
The latest bulletin covering the agenda for ‘Lok Sabha,’ India’s lower house of parliament includes a crypto training session “a lecture on understanding cryptocurrency” and its effects on the Indian economy.
In addition, the legislative business calendar for Lok Sabha no longer includes a bill that was aimed to put a ban on crypto in the country. Instead, lawmakers of India will undergo a training session to study the impact of cryptocurrencies on the Indian economy.
Parliamentary Research and Training Institute of Democracies(PRIDE), Lok Sabha Secretariat, scheduled a session for the members of parliament on Wednesday, 2 February 2022.
Consequently, The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear among the 15 bills to be discussed in the ongoing Budget Session. Though clarity regarding crypto regulation seems to be lurking around the corner, the crypto players are relieved as a bill banning digital assets is being reconsidered.
Previously published texts of the bill indicated banning all private cryptocurrencies in India except for assets aimed at promoting the underlying blockchain technology of cryptocurrencies and their uses. Moreover, the government, as discussed in the bulletin, may consider rolling out a digital rupee using blockchain technology in the coming days.
According to a recent survey, crypto investments have witnessed sharp growth in India. Considering the scenario, The Reserve bank of India is speculating various aspects related to CBDC and private cryptocurrencies. Some reports also suggest that some lawmakers in India are seeking different legislative paths to handle the evolving crypto market.
The crypto training session is a subtle reference that the Indian parliament may consider implementing a legal framework for cryptocurrencies. The Budget Session officially began on Monday and is expected to run until May.
