Posted in: Forex

Indian Government Confirms Crypto Bill is Being Finalized

Another pop-up was released regarding the Crypto bill by the Indian government. At this stage, the Indian Finance Minister of State came up with a clarification on the crypto bill status that is soon to come in the parliament within the prevailing year,

Indian Finance Ministry shows light on the status of Crypto Bill

Rajya Sabha (Indian parliament’s upper house) was a hotspot wherein crypto and bitcoin bill subject came into light in India. As per the recent updates, it is expected that the Crypto bill is going to be out in the Indian Lok Sabha (parliament’s lower house). The bill pays attention to imposing a ban on cryptocurrency with the establishment of an administrative framework on CBDC (Central Bank Digital Currency) as per the RBI (Reserve Bank of India).

After the public announcement for listing in the Lok Sabha, queries came in the Rajya Sabha for the bill. Anurag Thakur (Finance Minister of State) also explained the position of governing authority on digital currency for rupee and crypto.

Inquiries started rising on Tuesday in the Rajya Sabha regarding the bill framed for crypto. K.C. Ramamurthy (parliament’s member) raised a query: “No doubt, problems related to different cryptocurrencies including bitcoin tend to increase… Still I want to hear some words from the finance minister regarding any proposition related to the introduction of a bill that is well-suited to employ a control over a country’s cryptocurrencies.”

To this, Anurag Thakur released a response:

“Any administrative framework is not set-up by the regulatory authorities lie SEBI, RBI, and others on a proper straightforward cryptocurrency control since crypto is not a monetary currency, asset, commodity, or even security.”

Also, he added:

“At present, laws are not adequate to handle the matter with administrative control.” He said that the IMC (Inter-Ministerial Committee) kept a check on the matter and released reports.

Minister further said: “A gathering for the group of technology-empowered ones occurred as per the schedule,” paying light to the report given by another board of trustees along with the Secretary of Cabinet. In Final words, he announced:

“A final touch-up is going upon the crypto bill and it would soon reach the Cabinet’s desk.”

A warm welcome is shown by the Indian cryptocurrency community on the explanation shared by the MoS (Minister of State). Indian Crypto Exchange, Wazirx’s CEO, Nischal Shetty spoke up with news.Bitcoin.com: “I see it as a good signal. Probably, discussions would prevail about the crypto bill and hence it won’t be a hurried-up decision. Generally, I consider it as an improvement sign that will shower positivity.”