Indian government delays the presentation of Crypto Bill
The Indian government previously told the Supreme Court that the country’s cryptocurrency bill could be presented at the parliament’s winter session. However, the encryption bill is not included in the agenda published by Lok Sabha, the lower house of the Indian parliament. This gives the community a sigh of relief as many have been campaigning to convince the government to reevaluate the bill.
“Great news” – Crypto Bill delayed
The government of India has been deliberating on a bill entitled “Prohibition of cryptocurrency and regulation of the official digital currency bill 2019”. The government told the country’s supreme court in August that this bill could be presented at the winter session of parliament. However, Lok Sabha, the lower house of the Indian parliament, published the agenda for the winter session on Thursday that does not include the cryptocurrency bill. Sohail Merchant, CEO of local Pocketbits crypto exchange, said Friday:
“The bill for the prohibition of cryptography is not on the agenda of the winter session of parliament. Relief for now, but take this time to join and present our case to regulators. ”
The winter session begins on November 18 and ends on December 13. Nischal Shetty, CEO of Wazirx crypto exchange, tweeted: “Great news for the crypto ecosystem of India. The bill for the prohibition of cryptography will not be included in the next parliament session in November 2019. It’s great to see that the Indian government does not rush to this. They are listening”.
The bill to ban all cryptocurrencies, except those issued by the state, was drafted by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs, Subhash Chandra Garg. It was submitted to the Ministry of Finance in February and made public in July. Following the government’s indication that it planned to present this bill at the winter session of parliament, the supreme court postponed hearing all requests for writings related to the country’s encryption policies until January next year.
Community forming a voice
Since the bill was made public, the Indian crypto community has been campaigning tirelessly for the government to reconsider the recommendations, emphasizing that the bill is flawed has objections. The CEO of Pocketbits also urged all those interested in the crypto industry to “Forget the competition / ego and echo our thoughts with one voice.”
Several crypto stakeholders met earlier this month at an event called “Unwind With Crypto.” It was hosted by the local Coindcx crypto exchange. The exchange described that the purpose of the meeting was “to bring together all the important stakeholders in the crypto industry and build a stronger global community.” Noting that “the event was attended by the pioneers of the crypto and blockchain industry that took the crypto competition from India on the global stage,” the exchange revealed that attendees included representatives of Crypto Kanoon, Matic Network, Marlin Protocol, Woodstock Fund, Cashaa, Hard Fork, as well as major exchanges, including Wazirx and Delta.
Kashif Raza de Crypto Kanoon commented: “It is unfortunate that despite the maximum efforts of our community, the Central Bank still seems confused regarding the widespread power of crypto assets.”
“The attending members promised to have a broader discussion and participate more in the coming weeks,” Coindcx CEO Sumit Gupta told news.Bitcoin.com. “More meetings were planned to decide the modus operandi. Another event we are planning is to involve journalists in the financial and commercial domain to present a fair image. ” Confirming that the next meeting is scheduled for December, he explained the following:
“All members present a committed time for more meetings of this type and many backdoor meetings are already underway.”
Meanwhile, Shetty has been conducting a social media campaign that demands positive regulation of cryptography that began 379 days ago. In addition, the Supreme Court plans to hear the appeal requests that challenge the banking restrictions of the Central Bank, the Reserve Bank of India (RBI), on November 19.
The cryptocurrency ecosystem in each country must join forces so that blockchain-bitcoin technology can present innovative projects from the innovation of developers, users appreciate the facilities offered by this innovative technology.
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