Banning Cryptocurrency Is Not On Indian Parliament’s Winter Session Agenda

The lower house of the parliament, the Lok Sabha has released the tentative list of bills that India’s government is expected to introduce and pass during the upcoming Winter Session. Interestingly, while the Personal Data Protection Bill has made the cut the Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019, is missing.

Preparing the draft Bill, the Garg Committee, in April, had recommended not only a complete on cryptocurrency trading in India; but also recommended a huge penalty and up to 10 years of imprisonment for trading or holding cryptocurrency assets.

Despite the fact that the Loksabha Bulletin has released only a tentative list and is subject to change, it has definitely brought some momentary relief to the cryptocurrency community of India who has welcomed the news and expectedly so.

WazirX founder Nischal Shetty

In a slew of cryptocurrency-related cases being heard in the Supreme Court of India, the Indian government had submitted the draft of the Banning of Cryptocurrency and Regulation of Official Digital Currency 2019 and solicitor general Tushar Mehta had then informed the judges that the bill would be introduced in the parliament once it reconvenes.