Top sources have stated that the government is unlikely to introduce a bill on cryptocurrency during the current winter session of Parliament. They also advised that any measure introduced be referred to the parliamentary standing committee for further discussion with stakeholders.

The measure aims to "establish a facilitative framework for the formation of the official digital currency to be issued by the Reserve Bank of India," according to the government's legislative business for the winter session. In addition, it aims to make all private cryptocurrencies illegal in India. According to the bill's introduction page on the Lok Sabha website, it "allows for some exclusions to promote the underlying technology of cryptocurrencies and its purposes." According to the sources, the law is unlikely to be introduced at the current winter session.

There is currently no rule or prohibition in place in the country regarding the usage of cryptocurrencies. In light of this, Prime Minister Narendra Modi convened a meeting on cryptocurrencies with senior officials last month, and there are signs that substantial regulatory action may be taken to address the issue.

The Parliamentary Standing Committee on Finance, which is chaired by BJP member Jayant Sinha, met with representatives from crypto exchanges, blockchain, and the Crypto Assets Council (BACC), among others, and came to the decision that cryptocurrencies should not be prohibited, but rather regulated.

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