The much-anticipated legislation to regulate virtual currency in India, the crypto bill is anticipated to be taken up by the Union Cabinet soon. During a conversation with the reporters, the finance minister Nirmala Sitharaman said that the cabinet note is ready on the crypto bill. She added that she is awaiting Cabinet to clear that.
Earlier, Sitharaman had made her stand on crypto clear, mentioning that the government wasn’t seeking to close all options and that people will be given proper windows to experiment with bitcoins, blockchain and crypto.
FM had informed Rajya Sabha in July end that the government doesn’t collect information on the count of investors and crypto exchanges in India. She continued that the Finance Ministry has gathered no data on whether some of these exchanges are involved in money laundering and narcotic drug trafficking.
It is understood that while there will be no outright ban on cryptos, they won’t be allowed as legal tender either. Instead, cryptos are expected to be treated as a tradable asset class with a market. A cabinet clearance between November and now indicates that the bill will probably be tabled in the Winter Session of Parliament.