The current schedule for India’s lower house of parliament includes “a lecture on understanding cryptocurrency”. As well as its economic impact, according to the latest bulletin.
According to a report released by the Lok Sabha on Monday, the government’s Parliamentary Research and Training Institute for Democracies held a training evening for MPs on Feb. 2 to discuss cryptocurrency and its impact on the Indian economy. Furthermore, a law that may potentially ban cryptocurrency in the country is no longer on the parliamentary business schedule for the lower chamber of parliament.
When the government body convenes for its Budget Session, the Cryptocurrency and Regulation of Official Digital Currency Bill does not appear to be among the 15 items it will review. According to previously published draughts of the bill, “all private cryptocurrencies” would be banned in India. With the exception of assets promoting “the underlying technology of cryptocurrency and its applications.”
Since the Indian supreme court lifted the central bank’s broad ban on cryptocurrency in 2020. The proposed legislation has appeared on the country’s parliamentary agenda several times. The Reserve Bank of India may be going forward with trials of a central bank digital currency — a digital rupee — soon, although officials have not declared a test run at the time of writing.
Some Indian MPs are considering a variety of legislative options
According to multiple reports from local media sites, some Indian MPs are considering a variety of legislative options. In order to deal with the expanding crypto industry. Ranging from proposing projects that not legally permitted to function in the country to taxing crypto earnings differently. Officials from the Finance Ministry said to be considering adopting a legal framework. That would treat cryptocurrency more like a commodity rather than a currency in October.
The Indian Parliament’s Budget Session began today. With both Houses planning to meet in different shifts to combat the spread of COVID-19. The session is scheduled to go through the end of May.