Nobody knows what’s in the cryptocurrency bill

A thorough lack of transparency raises questions on just how ready India is to regulate crypto, leaving the crypto industry lobbying in every which direction.

Arti Singh

Delhi

23 February 2021

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To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

This one paragraph threw India’s crypto industry into an existential crisis, for the second time in three years.

On 29 January, the government listed “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in the legislative order of business for the budget session of the Lok Sabha. The bill is slated for introduction, consideration and passing. Here is what has been discussed in parliament so far (on 9 February):

Finance Minister Nirmala Sitharaman, in reply to a question in the Rajya Sabha on whether the Centre was planning to issue guidelines on cryptocurrency, said: “A high-level

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