India Extends Timeline for Considering Bill on Crypto Ban

Wilfred Michael 

Wilfred Michael

News reporter

15 November 2019,
18:24
India Extends Timeline for Considering Bill on Crypto Ban

The fate of the cryptocurrency industry in India will not be decided in the coming month at least, as draft bill containing a proposed ban on the emerging space will no longer be considered in the Indian lower house parliament’s winter session.

On November 14, the parliament released a bulletin regarding matters that will be deliberated on during the winter session, which will run from Nov. 18 and Dec. 13, according to the local news agency, Times of India.

However, the bulletin does not mention that crypto draft bill, titled “Banning of Cryptocurrency & Regulation of Official Digital Currencies,” nor does it suggest in any way that the lawmakers will hold a debate concerning the industry.

Thus, the exclusion of the bill has raised hopes among crypto enthusiasts in the country that India may no longer consider an outright ban of crypto-related activities in the country but will set forth standards for everyone involved.

As Stmarket.co has reported in the past, the India crypto ecosystem is currently crippled by a 2018 circular by the Reserve Bank of India (RBI) that barred local banks from providing services to crypto exchanges.

That move understandably restricted citizens’ access to cryptocurrency and forced several projects to go offshore, and some who stayed back eventually having to shut down because of the regulatory hostility.

With the latest extension of the timeline for lawmakers deliberating a ban and recent comments by State Bank of India’s chairman, Rajnish Kumar, that regulation is necessary for the industry; there is a chance that there is still light at the end of the tunnel for crypto in India.

 

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