“The government wants to see how global standards on cryptocurrencies develop in the European Union (EU) and elsewhere,” a CNBC TV18 report quoted government sources as saying.
The cryptocurrency market suffered a major setback last month when the bill came on the parliamentary agenda. in this bill
It is proposed to ban all private cryptocurrencies from operating in the country.
It has also emerged from the proposed bill that the Government of India is interested in launching a Central Bank Digital Currency (CBDC).
The government and the Reserve Bank of India (RBI) are also taking inputs from the Switzerland-based Bank for International Settlement (BIS) for a more in-depth understanding of the cryptocurrency framework.
The cryptocurrency bill was to be introduced during the winter session of Parliament. It was sent to the cabinet for approval earlier this month. There has been no official comment on the bill since then. The same bill was listed for the budget session of 2021. Even at that time it was not discussed.
Meanwhile, a lot is happening in India’s crypto space. Several studies by research firms like Watcher Guru and BrokerChoose have shown that India has the largest number of crypto investors in the world. This number is about 10 crores.
Prime Minister Narendra Modi has also spoken on cryptocurrency. In a virtual summit hosted by US President Joe Biden earlier this month, PM Modi said that we should jointly shape global norms for emerging technologies like social media and cryptocurrencies, so that they can be used to empower democracy. To be able, not to weaken.
A report shows that this year, companies related to the crypto sector have raised $ 30 billion (about Rs 2,27,617 crore) through investments and funding from venture capital firms, which is the highest collection till date.