The government is unlikely to bring a bill on cryptocurrency in the ongoing winter session of Parliament, top sources said on Wednesday. They also suggested that whenever a bill will be brought, it will be referred to the parliamentary standing committee for wider deliberations with stakeholders.
Prime Minister Narendra Modi today said that emerging technologies such as cryptocurrencies should be used to empower democracies, and not undermine it. According to reports, PM Modi will take the final decision on the regulatory framework for cryptocurrencies, amid conflicting views, as policymakers remain adamant that unregulated transactions in digital currencies could hurt macroeconomic and financial stability.
As the underlying technology of crypto-assets is still evolving and has many uses, the bill proposes exemption to any person using the technology underlying any cyrptoasset for any lawful activity.
The government may not go for a complete ban on cryptocurrency and instead look to regulate it under the watch of the Securities and Exchange Board of India (Sebi).