Highlights

  • Crypto Bill awaited for legal definition/classification of the digital token
  • RBI supporting complete ban on crypto: reports

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Crypto Bill still in a limbo, likely to miss Budget session of Parliament as well

Reports: The government also wants to wait for the pilot launch of Reserve Bank of India's digital currency.

Crypto Bill may not see the inside of the Indian Parliament even in the upcoming budget. As per reports the govt wants to hold more discussions and build consensus around the digital tokens.

The postponement comes as PM Modi as well called for global collective action on crypto as he highlighted in his WEF speech 'no single country can solve the challenge alone.'

Also watch: Atmanirbhar reset? PM Modi calls for global solution to crypto challenges

The RBI has also voiced "serious concerns" around digital currencies saying that they may impact financial stability. Reports indicate that North Block may await RBI's pilot launch of it's digital currency.

Meanwhile there is ambiguity in classification and taxation for crypto traders. There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around ₹40,000 crore ($5.39 billion) according to industry estimates.

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