(Bloomberg) — India’s much-awaited cryptocurrency bill is unlikely to be presented in the ongoing session of parliament as the government has yet to finalize details of the legislation, according to people with knowledge of the matter. 

Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies and there isn’t enough time as the current session ends Dec. 23, the people said, asking not to be identified as the discussions are private. Also, the Cabinet hasn’t approved the proposed legislation. 

A spokesman for the finance ministry couldn’t be immediately reached for a comment. 

According to the schedule of the final week of parliament, the crypto bill has been removed from the website’s list of businesses. The government is still able to bring the bill through an ordinance even if parliament has not been in session. 

The bill proposes to help the central bank create an official digital currency, a description on the parliament’s website said last month. The legislation sought to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the text read.

India with nearly 1.4 billion people is one of the world’s fastest-growing markets for cryptocurrency trading, but the country has had a hot-and-cold relationship with virtual coins. In 2018, the central bank effectively prohibited crypto transactions, but last year the Supreme Court overturned the ban. 

There have been increasing calls to tighten regulations since, amid fears that an unregulated environment might encourage domestic households’ savings towards volatile assets. According to Chainalysis’ October report, the crypto-analysis company Chainalysis has reported that India’s crypto market has increased 641% over the past year, through June 2021.

Nirmala Sitharaman, Finance Minister of India had earlier stated that the bill has been revised to reflect current events. Bloomberg News reported that while the Reserve Bank is pushing for a ban on cryptocurrency, the government may consider allowing crypto to be used as a form of financial assets.