The Indian government has spoken again about the cryptocurrency account. This time, the Treasury Secretary has clarified the status of the crypto bill that is expected to be introduced during the current session in parliament.
Indian Ministry of Finance Clarifies Crypto Bill Status
The topic of bitcoin and the cryptocurrency law in India was raised on Tuesday in Rajya Sabha, the upper house of the Indian parliament. Recently the crypto bill was mentioned introduced in Lok Sabha, the lower house of parliament. The bill aims to ban cryptocurrencies while creating a regulatory framework for the central bank’s digital currency issued by the Reserve Bank of India (RBI).
Since the Lok Sabha listing was made public, questions have been raised in Rajya Sabha about the crypto law. Last week, Finance Minister Anurag Thakur clarified the government’s stance on cryptocurrency and the digital rupee.
On Tuesday, more questions arose in Rajya Sabha about the cryptocurrency bill. MP KC Ramamurthy asked: “There is no doubt that the problem of bitcoin and other cryptocurrencies is escalating … country. ” Minister Thakur replied:
Regulatory bodies such as RBI and SEBI, etc., also do not have a legal framework to directly regulate cryptocurrencies as they are neither currencies nor assets, securities or commodities.
He further explained that “existing laws are inadequate to deal with the subject,” adding that an inter-ministerial commission (IMC) was therefore formed and the commission issued a report.
Minister Thakur further revealed that “there was a meeting of the empowered technology group before,” noting that another committee with the cabinet secretary has also released a report. Finally he said:
The bill is being finalized and will be sent to cabinet shortly.
The Indian crypto community welcomes this clarification by the minister of state. Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told news.Bitcoin.com, “I think that’s a positive sign. There will also likely be discussions about the bill, so it won’t be rushed to implement. I think overall this is a very positive development that just happened. “
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