The Indian government has started talking about the crypto currency note again. This time, the State Secretary of Finance provided clarity on the status of the crypto currency bill, which is expected to be introduced in Parliament this session.
India’s finance ministry clarifies status of law on crypto currency
The issue of bitcoin and India’s crypto currency bill was raised Tuesday in the Rajya Sabha, the upper house of the Indian parliament. The crypto currency bill was recently tabled in the Lok Sabha, the lower house of Parliament. The bill aims to ban cryptocurrencies while creating a regulatory framework for a central bank to issue digital currencies, which are issued by the Reserve Bank of India (RBI).
Since the Lok Sabha list was made public, questions have arisen in the Rajya Sabha about the cryptocurrency law. Last week, state finance minister Anurag Thakur clarified the government’s stance on cryptocurrencies and the digital rupee.
On Tuesday, additional questions were raised in the Rajya Sabha on the crypto currency bill, including by MP K.K. Ramamurthy : There is no doubt that the problem with bitcoin and other cryptocurrencies is getting worse….. I would like to ask the Honourable Minister of Finance if there is a proposal to introduce a bill to curb the proliferation of cryptocurrencies in the country. Minister Thakur replied:
Regulatory bodies such as the RBI, SEBI, etc. also have no legal basis to regulate cryptocurrencies directly, as they are neither currencies, assets, securities, nor commodities.
He further explained that the existing laws are not sufficient to address the issue, adding that an Inter-Ministerial Committee (IMC) has been formed and has submitted a report on the matter.
Minister Thakur added that the mandated technology team had already met and another committee with the Cabinet Secretary had also submitted a report. He concluded with these words:
Work on the bill is in its final stage and the bill will soon be sent to the Council of Ministers.
The Indian crypto community welcomes this clarification from the foreign minister. Nishal Shetty, CEO of Indian cryptocurrency exchange Wazirks, said: I think this is a positive sign. Discussions on the bill are also expected to take place so that it does not rush through. I think that, overall, this is a very positive development that has just taken place.
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