not surprised to see India’ crypto bill failed to introduce, says Former Finance Secretary

The former finance secretary said that he is not much surprised that Indian finance officials failed to introduce the crypto bill in the parliament session. 

The end of November of this year ended up with huge hurdles for the Indian crypto community because many rumours were spreading in India that India will introduce a crypto bill to ban all crypto assets but later it confirmed that India’s crypto bill has regulation guidelines. 

Reportedly, Nirmala Sitharaman, finance minister of India, said that there is more work needed to be done on India’s crypto bill. This news confirmed that crypto bill makers failed to introduce the crypto bill of India in the parliament session. Now there are chances that they may introduce it in Feb 2022 or the second parliament session of next year, because the minister didn’t stated that how much time it will take for them to introduce new works on the bill.

On this matter, former Finance Secretary Subhash Chandra shared his point of view with the IANS publication on 23 December. 

Subhash said that he is sceptical about the Indian government trying to figure out the potential of the crypto phenomenon. Further, he continues:

“I expressed serious doubts when the government had expressed its intent to present the bill about the introduction of the crypto-assets/currencies bill in the winter session of parliament. I am, therefore, not surprised to see the present situation where there is zero clarity over what is the bill.”

The current crypto bill of India is still under the private domain and the official information is only open for the cabinet ministers and bill makers only. However, Bill is seeking to regulate crypto and adopt blockchain technology.

It is worth noting that the current renewed crypto bill of India was first introduced by Subhash Garg. However, lawmakers failed to introduce it in parliament because there was a lack of clarity that how and why they are deciding to impose a ban without proper research on the crypto industry. 

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