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Indian Parliament agenda for winter session no longer includes cryptocurrencies

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Indian parliament hasn't involved crypto bill in their winter session agenda as a topic for conversation.

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The Indian government may still be considering legislation that could ban certain cryptocurrencies in the country, but lawmakers are unlikely to vote on the legislation in the current session of parliament.

According to a post on Friday, India's lower house, the Lok Sabha, is unlikely to consider a law banning "all private cryptocurrencies" before the end of the winter session on Thursday. The bill on cryptocurrencies and official digital currency regulation did not appear as one of the seven bills on the agenda of government agencies in the final days of its session in 2021.

A November 23 bulletin for the Lok Sabha said Indian lawmakers could vote on legislation creating the "Framework for Facilitating the Creation of an Official Digital Currency" issued by the country's central bank, the Reserve Bank of India. In addition, the bill provides a ban on some cryptocurrencies. The same bill was previously on Parliament's agenda but did not result in a vote on the regulatory framework or legal status of digital assets.

In March 2020, the Supreme Court of India lifted a full ban on cryptocurrencies that went into effect two years earlier and was imposed by the Reserve Bank of India. Since then, reports from many local media, as well as statements from officials, indicate that the government is considering various solutions to regulate or possibly ban digital assets.

Even if India's parliament doesn't deal with cryptocurrency legislation, Indian President Ram Nat Kovind may still be able to pass legislation to speed up the bill if the Lok Sabha is likely to be absent between December and January. Indian finance officials are also reportedly considering a legal framework that could treat cryptocurrencies more closely to commodities than currencies.

 With a population of around 1.4 billion, India, which chose to create a special legal framework for a central bank digital currency and banned many token projects, will make significant waves in the space. After the bill was put on the parliamentary agenda in November, cryptocurrency exchange WazirX experienced a massive sell-off, causing significant price drops for Bitcoin (BTC), Ether (ETH) and other tokens.

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