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If the government thinks that unlike a separate law that was passed for International Financial Services Centres, there is no need for a new Bill, and cryptos can be accommodated as an asset by changing various laws which anyway have to be amended even if there is a Bill it should spell it out sooner than later. It may be naive to bet that cryptos would soon wither like tulips.But having let cryptos flourish in the wilderness, the government, somewhat unwittingly, is now working backwards. Left with no choice, it is letting enforcement actions guide the lawmakers when it could have been the other way around. First, it ignored cryptos for years till it couldnt. Second, it underestimated the complexity of cryptos and failed to redraft the old Bill that talked about banning cryptos to table a new Bill in time. And, today, neither the crypto bourses nor investors have a clue what the new Bill would say or whether there would be one.

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You'll have to spell out an encryption law - BollyInside