As India is striving to regulate cryptocurrencies within its borders, Union Finance Minister, Nirmala Sitharaman has announced that the country’s crypto bill is ready and the government has already analysed the inputs from industry stakeholders for further action.
“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,” she said in her interview.
For the past two years, India’s crypto bill is under progress. Earlier, it was recommended by the Reserve Bank of India (RBI) to ban private cryptocurrencies and prepare a framework for digital currency.
New laws to regulate cryptocurrencies in the country might be discussed during the debate in the next session of the Parliament, which is all set to kick off from July 19th, 2021 onwards.
The bill was also listed in the previous Budget session of the Parliament which took place between February to March. However, it was not tabled at that time because the session had to be winded up due to the second COVID-19 wave.
As of now, the Cabinet note is prepared for the bill but it will be totally up to the Cabinet to take it up or not.
“From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to make a decision.” added the Finance Minister. Previously, in 2018 the RBI had issued a circular to all the banks stating that they should not be engaged in cryptocurrency services. However, on March 04, 2020, it was set aside by the Hon’ble Supreme Court.