Without any official statement, it is difficult to draw any conclusions about whether crypto will be regulated in India or not.
Business Today reported on Tuesday that crypto regulations might be legislated by the Budget 2022, citing anonymous sources.
The report quoted some officials from the Union Ministry of Finance who said that the government is not considering a ban on Digital Assets. Rather, Digital Assets will be regulated and classified as ‘Asset Class’.
The officials also revealed that the Reserve Bank of India and the Union Ministry of Finance are designing researching the various aspects of the policy.
The focus of the law will be to protect the investors.
“What should not happen tomorrow is that if I start a personal digital currency, and after good marketing everybody buys it and once it has appreciated, I run away since I am a private player! Everybody has actually bought that currency by using other assets. Government needs to look at regulation in order to avoid the above”Annonymous Official
Problem With the News
The news is well received by the crypto community of India.
But the issue is the information from anonymous sources is not verified.
Until some official speaks on the record and takes accountability for the information provided, the statement(s) cannot be trusted.
Coin Crunch India has repeatedly pointed out that no official statement is released by lawmakers. Every once in a while, some news crops up with anonymous sources, generating false hopes for investors. This creates more speculation in the market.
The only known statement is from the Union Minister of Finance, Ms Nirmala Sitharaman, that the Government is taking a calibrated approach. They are studying the lightning pace development of the crypto space and will take the necessary steps towards policy formulation accordingly.
As mentioned above, the policy is being designed. The draft design will undergo several iterations before its bill is even tabled at the Parliament. Even after tabling, the bill could be referred to some Parliamentary committee before it is passed. Afterwards, the respective committee presents a report with unbinding recommendations.
Sometimes it takes years for a bill to reappear in the Parliament for tabling after getting referred to a committee.
So, the path to regulation is not quick and easy. Only time will tell when the bill will be tabled and passed.
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