India is getting closer to regulating crypto within its borders. Nirmala Sitharaman, the country’s Finance Minister said that India’s crypto bill is ready. She further added that the government has taken details from industry stakeholders to get the document ready.
She continued that they have done a lot of work on it. They have taken inputs from stakeholders. The Cabinet note is prepared. They have to see when the Cabinet can take it up and consider it so that then they can proceed with it.
That could imply that the new laws to regulate crypto in India could be ready for debate during the next session of the Parliament, which is ready to begin on July 19.
The bill was also listed for the Budget session of the Parliament – which is conducted from February to March – but wasn’t presented at the time, possibly because the session had to cut short because of the second Coronavirus wave that hit the nation at that time.
The bill that was expected to be presented during the Budget session of Parliament was expected to pitch for a ban on all ‘private crypto’ and also lay out the system for a central bank digital currency (CBDC) – or a digital version of the rupee.
The FM told that from their side, she thinks one or two signs that she had given is at least for the experiment, fintech and pilot projects a window will be available. The Cabinet will have to make a decision. However, the Indian government’s stand on crypto remains uncertain.