Crypto related questions are going to be asked in Winter session of Parliament

[TigerMart]

Source: https://www.reddit.com/r/CryptoIndia/comments/r3a5uy/questions_that_are_going_to_be_pitched_in_front/

[pakhitheboss]

Yes, we all know these questions will be asked and the bill to ban private cryptocurrencies will be also placed in this session of parliament. But, that is not our concern. What we want to know is whether the government is going to go ahead with the regulation and what exactly do they mean by private cryptocurrencies? As per my understanding Bitcoin and Ethereum are not private but public cryptocurrencies. Looking forward to getting those answers.

[pawanjain]

I personally don't think that the government of India will place an upright ban on cryptocurrencies but will instead regulate it.
One obvious thing is that cryptocurrencies will not accepted as a legal tender in India but may be the government will allow it to be used as a tradable asset in exchanges.
Many Indian citizens trade cryptocurrencies on daily basis and the government can really make good profits from it if they regulate trading cryptocurrencies.
To promote the underlying blockchain technology the government might introduce a CBDC and start making it as a mode of payment.
Also, all of these will take enough time to be implemented and so we need not panic because eventually the dust will settle for good.

[pakhitheboss]

Does anyone here have any idea when will the crypto bill will be placed in this session of Parliament? I was assuming that it will be on the 29th of November but it seems they are busy with other issues. Will the government suddenly place the bill and try to get it to approve swiftly without any discussion? I past they have did the same for some bills.

[avikz]

Does anyone here have any idea when will the crypto bill will be placed in this session of Parliament? I was assuming that it will be on the 29th of November but it seems they are busy with other issues. Will the government suddenly place the bill and try to get it to approve swiftly without any discussion? I past they have did the same for some bills.

The crypto bill is the 11th bill in their agenda. So I think early next week this bill will be discussed. I have the link of the agenda,

http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf

This link will download the PDF file from where you can check the details. But unfortunately, no schedule has been given. So it's not clear when it will be discussed.

Hope this helps!

[pakhitheboss]

Does anyone here have any idea when will the crypto bill will be placed in this session of Parliament? I was assuming that it will be on the 29th of November but it seems they are busy with other issues. Will the government suddenly place the bill and try to get it to approve swiftly without any discussion? I past they have did the same for some bills.

The crypto bill is the 11th bill in their agenda. So I think early next week this bill will be discussed. I have the link of the agenda,

http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf

This link will download the PDF file from where you can check the details. But unfortunately, no schedule has been given. So it's not clear when it will be discussed.

Hope this helps!

Hey!

Thanks for the detailed information. I am still sceptical if it will be presented in this session of Parliament because of the new COVID19 variant. I might be overreacting but that is what I feel I might be wrong and hope it gets presented this time as it is long due. We as a community need to know what the government is thinking. Finger crossed.

[avikz]

Does anyone here have any idea when will the crypto bill will be placed in this session of Parliament? I was assuming that it will be on the 29th of November but it seems they are busy with other issues. Will the government suddenly place the bill and try to get it to approve swiftly without any discussion? I past they have did the same for some bills.

The crypto bill is the 11th bill in their agenda. So I think early next week this bill will be discussed. I have the link of the agenda,

http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf

This link will download the PDF file from where you can check the details. But unfortunately, no schedule has been given. So it's not clear when it will be discussed.

Hope this helps!

Hey!

Thanks for the detailed information. I am still sceptical if it will be presented in this session of Parliament because of the new COVID19 variant. I might be overreacting but that is what I feel I might be wrong and hope it gets presented this time as it is long due. We as a community need to know what the government is thinking. Finger crossed.

If the bill is not discussed during the current ongoing session, I would say it's a blessing in disguise. Because I am seeing a lot kf conflicting news from various media houses. Some are saying that cryptos will be banned and this bill will create provision for RBI controlled CBDC. Some are saying, it will be regulated and SEBI will be called upon to become the regulatory authority.

So there's a lot of confusion. If the bill isn't discussed now that will probably give us some more months to live our crypto dream.

[teosanru]

There will be lot of questions as well as criticism in parliament on this notion. Moreover congress has been quite vocal in this Karnataka bitcoin scam issue and are targeting that BJP has been siphoned a lot of Bitcoins in name of this scam. Moreover the pace at which laws are getting passed in this session I really doubt that there would be any laws that would be implemented in this session, and moreover government has just received concerns from the stakeholders regarding ban, they would need some time to ponder over it before passing the law.

[pakhitheboss]

There will be lot of questions as well as criticism in parliament on this notion. Moreover congress has been quite vocal in this Karnataka bitcoin scam issue and are targeting that BJP has been siphoned a lot of Bitcoins in name of this scam. Moreover the pace at which laws are getting passed in this session I really doubt that there would be any laws that would be implemented in this session, and moreover government has just received concerns from the stakeholders regarding ban, they would need some time to ponder over it before passing the law.

Nobody listens to Congress anymore mate! They are diminishing slowly will fade away in the near future. The problem is the present government that makes me go crazy when I hear some of the ruling party ministers think about Bitcoin and cryptocurrency as a whole. I am not sure what the bill will be about but the only point in that bill that confuses everyone is the term Private cryptocurrency. They plan to ban it but no clear indication of what they mean by that.

[teosanru]

There will be lot of questions as well as criticism in parliament on this notion. Moreover congress has been quite vocal in this Karnataka bitcoin scam issue and are targeting that BJP has been siphoned a lot of Bitcoins in name of this scam. Moreover the pace at which laws are getting passed in this session I really doubt that there would be any laws that would be implemented in this session, and moreover government has just received concerns from the stakeholders regarding ban, they would need some time to ponder over it before passing the law.

Nobody listens to Congress anymore mate! They are diminishing slowly will fade away in the near future. The problem is the present government that makes me go crazy when I hear some of the ruling party ministers think about Bitcoin and cryptocurrency as a whole. I am not sure what the bill will be about but the only point in that bill that confuses everyone is the term Private cryptocurrency. They plan to ban it but no clear indication of what they mean by that.

The thing is even though nobody listens to Congress, the opposition has always been able to trigger a specific set of society against every law, they were able to trigger Muslims and students against CAA, were able to trigger farmers against the laws, and will be able to trigger the youth against this law. Talking about current government ministers, except just a couple of them, the rest all are just spectators and only have brains to win the elections and not to make any law or even have an opinion about any law. Banning isn't going to solve anything anyways, will just reduce the tax collections of the government because people will not pay Income tax on the trades they do.

[gullu]

When this is going to happen? Any dates available?

[pakhitheboss]

Does anyone here have any idea when will the crypto bill will be placed in this session of Parliament? I was assuming that it will be on the 29th of November but it seems they are busy with other issues. Will the government suddenly place the bill and try to get it to approve swiftly without any discussion? I past they have did the same for some bills.

The crypto bill is the 11th bill in their agenda. So I think early next week this bill will be discussed. I have the link of the agenda,

http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf

This link will download the PDF file from where you can check the details. But unfortunately, no schedule has been given. So it's not clear when it will be discussed.

Hope this helps!

When this is going to happen? Any dates available?

Hey! @avikz has written earlier that it is the 11th bill on the agenda. No, specific dates have been mentioned yet. But, looking at the current scenario and what happened yesterday this bill might get delayed. If it does then we will still have time till the next session of parliament starts. I hope it does get presented this time only as we will be clear with what needs to be done by us.

[teosanru]

So here we go once again, government altogether dropped the idea of bringing in the cryptocurrency & Regulation framework 2021 in this winter session. Not only this they have said they will mull on the whole framework once again and make changes to the proposed bill. Moreover, it is "likely to be" introduced in the 2022 budget session which means chances are it might and at the same time there are handsome chances that it might not if the government needs some extra time in mulling upon the idea. Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

[uttoransen]

Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

Yes, but the same investors and everyone else has got this chance of buying whatever they sold - because BTC, ETH - is still very low.

People were already expecting that the finance minister might not bring this bill in this session because there's way too many, and more important bills, waiting for their queue. Someone even asked the minister if this bill might get a chance to show up at all and the minister replied that they are very serious about this bill and it will come this time.

Whatever their intentions, it was quite certain from the start that they simply do not have enough time to get this bill questioned when more priority bills are waiting in queue.

[teosanru]

Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

Yes, but the same investors and everyone else has got this chance of buying whatever they sold - because BTC, ETH - is still very low.

People were already expecting that the finance minister might not bring this bill in this session because there's way too many, and more important bills, waiting for their queue. Someone even asked the minister if this bill might get a chance to show up at all and the minister replied that they are very serious about this bill and it will come this time.

Whatever their intentions, it was quite certain from the start that they simply do not have enough time to get this bill questioned when more priority bills are waiting in queue.

I don't know what really decides the priority of the government. Maybe elections decide the priority of the government because most of the bills that are passed don't sound much like a priority to me. But yes one thing for sure that government isn't really in the mood to bring this bill on table, maybe they don't want to pass it in this way, because if the government is listening to views of stakeholders just previous month and bringing in the bill the very next month, I feel there were a lot of additions/ subtractions to be done in that. Talking about the price I am very sure ban or unban isn't going to affect the international market for a very long time.

[pakhitheboss]

Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

Yes, but the same investors and everyone else has got this chance of buying whatever they sold - because BTC, ETH - is still very low.

People were already expecting that the finance minister might not bring this bill in this session because there's way too many, and more important bills, waiting for their queue. Someone even asked the minister if this bill might get a chance to show up at all and the minister replied that they are very serious about this bill and it will come this time.

Whatever their intentions, it was quite certain from the start that they simply do not have enough time to get this bill questioned when more priority bills are waiting in queue.

I don't know what really decides the priority of the government. Maybe elections decide the priority of the government because most of the bills that are passed don't sound much like a priority to me. But yes one thing for sure that government isn't really in the mood to bring this bill on table, maybe they don't want to pass it in this way, because if the government is listening to views of stakeholders just previous month and bringing in the bill the very next month, I feel there were a lot of additions/ subtractions to be done in that. Talking about the price I am very sure ban or unban isn't going to affect the international market for a very long time.

I think it is a mix of everything. The current third wave situation, then the UP election and the last marriage age bill for girls above all the ruckus created by the opposition made thing much worse. I am sort of happy that the bill did not get passed yet but eventually it will and if it doesn't favour the community then things will again become more uncertain.

[teosanru]

Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

Yes, but the same investors and everyone else has got this chance of buying whatever they sold - because BTC, ETH - is still very low.

People were already expecting that the finance minister might not bring this bill in this session because there's way too many, and more important bills, waiting for their queue. Someone even asked the minister if this bill might get a chance to show up at all and the minister replied that they are very serious about this bill and it will come this time.

Whatever their intentions, it was quite certain from the start that they simply do not have enough time to get this bill questioned when more priority bills are waiting in queue.

I don't know what really decides the priority of the government. Maybe elections decide the priority of the government because most of the bills that are passed don't sound much like a priority to me. But yes one thing for sure that government isn't really in the mood to bring this bill on table, maybe they don't want to pass it in this way, because if the government is listening to views of stakeholders just previous month and bringing in the bill the very next month, I feel there were a lot of additions/ subtractions to be done in that. Talking about the price I am very sure ban or unban isn't going to affect the international market for a very long time.

I think it is a mix of everything. The current third wave situation, then the UP election and the last marriage age bill for girls above all the ruckus created by the opposition made thing much worse. I am sort of happy that the bill did not get passed yet but eventually it will and if it doesn't favour the community then things will again become more uncertain.

If you see it in terms of upcoming elections, I doubt bill would be able to go through anytime before 2024, we are having many state elections this year and after that in 2023 government won't take any risk keeping the 2024 general elections in mind because already too many set of people are somewhat anguished with the government, but yes things are too speculative currently for the Indian crypto community.

[pakhitheboss]

Once again the cycle got repeated, many investors did panic selling listening to fake news here and there and now would be regretting their actions.

Yes, but the same investors and everyone else has got this chance of buying whatever they sold - because BTC, ETH - is still very low.

People were already expecting that the finance minister might not bring this bill in this session because there's way too many, and more important bills, waiting for their queue. Someone even asked the minister if this bill might get a chance to show up at all and the minister replied that they are very serious about this bill and it will come this time.

Whatever their intentions, it was quite certain from the start that they simply do not have enough time to get this bill questioned when more priority bills are waiting in queue.

I don't know what really decides the priority of the government. Maybe elections decide the priority of the government because most of the bills that are passed don't sound much like a priority to me. But yes one thing for sure that government isn't really in the mood to bring this bill on table, maybe they don't want to pass it in this way, because if the government is listening to views of stakeholders just previous month and bringing in the bill the very next month, I feel there were a lot of additions/ subtractions to be done in that. Talking about the price I am very sure ban or unban isn't going to affect the international market for a very long time.

I think it is a mix of everything. The current third wave situation, then the UP election and the last marriage age bill for girls above all the ruckus created by the opposition made thing much worse. I am sort of happy that the bill did not get passed yet but eventually it will and if it doesn't favour the community then things will again become more uncertain.

If you see it in terms of upcoming elections, I doubt bill would be able to go through anytime before 2024, we are having many state elections this year and after that in 2023 government won't take any risk keeping the 2024 general elections in mind because already too many set of people are somewhat anguished with the government, but yes things are too speculative currently for the Indian crypto community.

Under these pandemic circumstances if the government and other political parties are united in having UP election within the scheduled time then imagine how important election is and all bills are passed considering the benefit one political party will get. They will try to defer it as long as they can because they would not try to angry this big Indian crypto community. But, there is another ideological wing of the present government that wants either a complete ban or a strict regulation. Things are pretty much shady at the moment, we will need to wait for the next parliament session to see what happens