Indian parliament aligns crypto training session, skips banning

• Ayushi Abrol
• February 01, 2022

With cryptocurrencies emerging as an unprecedented part of the global financial space, the Indian government has started showing interest in crypto exploration. In the latest development, the bulletin highlighting the agenda for the lower house of Parliament, Lok Sabha included the launch of a crypto training session and the economic impact the decentralized industry will have on the country’s financial position. The proposed efforts by the government are likely to strengthen the crypto industry in the country making it emerge as a mainstream investment option for users.

As per a Monday report from the Lok Sabha, the Parliamentary Research and Training Institute for Democracies, on Wednesday, planned a training session for the lawmakers to hold a discussion about crypto trading and its impact on the core Indian economic infrastructure. The publication also revealed that the legislative business calendar of Lok Sabha does not include a bill that could ban the use of cryptocurrency in the state. The Cryptocurrency and Regulation of Official Digital Currency Bill is not likely to find a place in one of the 15 bills the authorities will be considered in the next Budget session. The controversial bill proposed to ban all private cryptocurrencies in India except for those aimed at promoting the underlying technology of crypto and its usage. The speculations created a lot of chaos amongst the investors and caused disappointment in them.

The much-talked-about statute has been a hot topic for the parliamentary agenda several times. It gained pace after the Indian Supreme Court removed the ban on crypto in 2020 that was imposed by the Reserve bank of India earlier. The Indian central bank is also looking forward to kickstarting with the trials of a central bank digital currency project in the country. The digital Rupee will help India to join the list of the countries working on CBDCs including China and the USA.

The local media platforms have revealed a list of suggestions proposed by lawmakers in India in their recent reports. The lawmakers have put forward multiple legislative solutions for handling the crypto sector. While some suggested not allowing projects to legally work in the country, others hinted towards the imposition of a different tax structure on crypto earnings. Earlier in October, the officials from the Finance Ministry considered the implementation of a legal framework that would treat crypto as a commodity rather than a currency. The Budget Session started on Monday and is expected to continue till May.