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Cryptocurrency Bill To Be Introduced In Parliament’s Winter Session

According to the Lok Sabha’s agenda, the government will introduce 26 bills in Parliament in the winter session, including the first law to regulate crypto in India. In addition, the Union Cabinet will discuss a proposal to repeal the three farm laws on November 24.

Other noteworthy topics that have been listed by the Centre include amendments to banking laws with regard to the privatisation of two PSBs, amendments to Banking Companies Acts, 1970 and 1980, and “incidental” amendments to the Banking Regulation Act.

Earlier this week, the nation held its first parliamentary panel discussion on cryptocurrency, in which a consensus was reached that it should be regulated.

Among other stakeholders, the Parliamentary Standing Committee on Finance chaired by Bharatiya Janata Party leader and former union minister Jayant Sinha met on November 16 with representatives of the Blockchain and Crypto Assets Council (BACC), crypto exchanges, and industry associations.

Following the meeting of the Parliamentary Standing Committee with industry associations and experts, all parties agreed that cryptocurrency cannot be stopped, but it must be regulated. Despite this, stakeholders and industry associations did not seem to be clear about who should be the regulator.

Security of investors’ funds was one of the main concerns expressed by MPs at the meeting. Additionally, a parliamentarian expressed concern over full-page crypto advertisements in national dailies.

Experts, on the other hand, argued that cryptocurrencies are a form of investor democracy.

The winter session of the Parliament is scheduled to start from November 29 and conclude on December 23.

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