India’s Union Cabinet to Discuss Proposed Crypto Bill Today: Report

India's Much-Awaited Crypto Bill

According to local media reports, India’s union cabinet of 15-18 members of senior-most ministers is going to discuss the “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” at today’s meeting, scheduled at 1 pm, IST.

The Indian government listed a bill to ban all private cryptocurrencies and introduce central bank digital currency (CBDC). The Bill was among the 26 new Bills on the agenda of the government for introduction and passage during the winter session which began on November 29.

The Union government had earlier decided to table the Bill in the Winter Session of Parliament. However, sources close to the matter said that it may later be referred to the Standing Committee for further deliberations.

Proposed Crypto Bill Yet to be Finalized

In the meantime, another report surfaced that the proposed crypto bill might not be tabled in the Winter Session of the Parliament as the government wants to hold wider consultations on some potential changes. With the government mulling changes to the much-awaited piece of legislation, this could mean it might not be introduced in the Winter Session.

Minister of State for Finance Pankaj Chaudhary said in a written reply recently that a "bill on cryptocurrency and regulation of official digital currency is under finalization for consideration of the cabinet”.

On Friday, Prime Minister Narendra Modi called for jointly shaping global norms for emerging technologies like social media and cryptocurrencies so that these are used to empower democracy and not undermine it.