India Government Updates Its Cryptocurrency Bill
There are new updates from the Indian Government regarding revising the crypto bill and scrutinizing crypto exchanges. This revision is under discussion in the lower house of the bicameral parliament in India – also called the Lok Sabha.
Information from a spokesperson from the Ministry of Finance explained that Geographical borders do not restrict digital assets like Cryptocurrencies. Hence, international cooperation will be needed to prevent non-compliance with the rule of law.
Clarifications On The Newly Updated Crypto Bill
The Government has provided answers to two main questions that arose after the update. First, answers about digital assets and regulations were provided by various members of the lower house – the Lok Sabha.
Son of the famous late Dr. Harekrushna Mahatab – an Indian politician and a member of the parliament, questioned the Finance Minister. He asked the minister to tell everyone the current condition of the bill. The parliament ought to have discussed the bill in the winter season of last year, which hasn’t happened yet.
He further asked the minister to state when the crypto bill will be publicly available for practical suggestions. However, it is worth noting that the finance minister did not specify a time frame for when the bill will be up for public discussion.
The minister has always emphasized that any legislation surrounding crypto and other digital assets can only be beneficial if India succeeds in securing the support of other nations. This support is needed to help evaluate the risks involved, and the benefits crypto and its underlying technology will bring to the finance industry.
This support is also needed to uphold the laid down standards for the remittance of taxes. A parliament Member – Harekrushna Mahatab, further inquired about the ministry in charge of crypto regulations.
He also requested to know the department or ministry that will regulate and monitor activities related to Non-Fungible tokens (NFTs).
Information Surrounding Crypto Investigations
Meanwhile, there are allegations of money laundering and avoidance of tax payments against some crypto exchanges, which are criminal offenses in India. Hence, members of the parliament are requesting information related to these accused crypto exchanges.
However, the minister explained that such investigations are being carried out by the ED (the Enforcement Directorate), and the ED’s report will be available to the parliament once it is ready.
The minister added that law enforcement agencies had confiscated crypto crime proceeds, and they have at least three persons in custody concerning these crypto crime proceeds. He added that these cases are already filed and will be handled according to the money laundering prevention act.
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