New Delhi: Given the divergent views among stakeholders on crypto currencies, it is Prime Minister Narendra Modi who will make a final decision on the matter, according to the financial publication The Economic Times report.
Although the cryptocurrency bill has been finalized by the finance ministry, some sections of government believe more detailed discussions may be needed, according to the ET report which quotes two people familiar with the development.
Officials are expected to discuss and reach a final consensus on the bill, the report adds. The bill is expected to be tabled during the current session of Parliament.
The government’s cryptocurrency bill would ban the use of cryptocurrencies as a form of payment in India and aims to make those who violate the law liable to arrest without warrant and detained without bond, according to Reuters report .
Individuals or companies who break government-set cryptocurrency rules can face a sentence of up to Rs 20 crore and up to 1.5 years in prison. The government introduced the bill during the winter session of Parliament.
Although cryptocurrency is not recognized as legal tender, all private cryptocurrency will be regulated and not prohibited, as was previously planned. The name of the bill was also changed from “cryptoasset” to “cryptocurrency”.
Meanwhile, Modi, in his speech on the second day of US President Joe Biden’s Democracy Summit, urged democracies to come together to formulate global rules for emerging technologies, including social media and cryptocurrencies. , so that they strengthen democracy and do not harm it.
As democracies, “we must also jointly shape global standards for emerging technologies such as social media and cryptocurrencies, so that they are used to strengthen democracy, not to undermine it,” Modi said, according to the Mint publication.