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In a recent interview, former Indian finance secretary Subhas Chandra Garg, who was also engaged in the initial draft crypto bill, stated that the government does not clarify crypto. He went on to say that he had no faith in the government’s ability to pass a crypto bill.

The former finance secretary’s remarks follow the conclusion of the winter parliament session, which ended without a debate on the crypto law. Many government sources said the government would introduce and discuss the crypto bill during the winter session, but the finance minister said the finance committee had not yet authorized the draft bill.

This would be the second time in 2021 that the Indian parliament has placed crypto on the schedule for discussion but has failed to introduce the bill despite assurances.

India’s crypto community will have to wait a little longer

Over the last few years, the Indian crypto ecosystem has grown to become a powerful brand in the industry. CoinDCX and CoinSwitch Kuber, two of India’s most popular crypto exchanges, raised hundreds of millions of dollars to become crypto unicorns. Foreign venture capital funds and institutional behemoths are also eagerly awaiting clarity to increase their investments in companies with the potential to make big in the decentralized world.

While self-regulation has worked for a long time, crypto advocates believe the government should consider their recommendations or assist in developing a better regulatory framework.

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