The cryptocurrency bill was scheduled to be put up in the Winter Session of the Parliament last year but it never saw the light of the day. When the Ministry of Finance was asked about its progress during the current Lok Sabha session, it responded, though not in as many words, that the bill is likely to take a while.
Bhartruhari Mahtab of the BJD questioned the minister what was happening with the cryptocurrency bill that was supposed to be introduced in the 2021 Winter Session. The ministry or department that would regulate various other virtual digital assets other than cryptocurrency, such as NFT, dApps, real estate tokens, and other blockchain-based assets, as well as the timeframe within which the bill would be tabled and be open for inputs, were other questions he raised.
Pankaj Chaudhary, a minister of state in the ministry of finance, responded. “Crypto assets are by definition transnational and necessitate global cooperation to prevent regulatory arbitrage,” he declared. Therefore, only with major international collaboration on risk and benefit assessment and the development of common taxonomies and standards can any legislation on the issue be successful. He added that the Ministry of Finance is in charge of setting policies for crypto assets and the ecosystem that surrounds them.
New cryptocurrency legislation were supposed to be introduced by the government during the Winter Session of Parliament, which began on November 29. The bill was listed twice before being postponed; the first time was during the Parliamentary Budget Session in February of last year.
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