The finance minister of India Nirmala Sitharaman provided a status update on the cryptocurrency bill that the Indian government has been working on. She said, “We have done a lot of work on it. We have taken stakeholders inputs”.
What is the Current Status of India’s Crypto Bill?
In an interview with Businessline published last week, the finance minister of India Nirmala Sitharaman has provided some details about India’s cryptocurrency bill.
In that interview, she was asked about “the Cryptocurrency and Regulation of Official Digital Currency Bill 2021”.
We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.Nirmala Sitharaman (India’s Finance Minister)
The crypto bill was first listed to be introduced Indian budget session of parliament earlier this year, but due to some reasons, it was not introduced.
According to details listed on the official website of parliament, the crypto bill aims, “To create a facilitative framework for [the] creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.
In May the finance minister was also said, “There will be a very calibrated position taken … [The] world is moving fast with technology. We can’t pretend we don’t want it.” Then the government reportedly set up a panel of experts in finance to re-examine the recommendations within the crypto bill.
Now after the news of the crypto bill the questions are rising in the minds of crypto investors, “Will the government ban Cryptocurrency in India?” What you think about it, write in the comments below.