India’s finance minister has tabled a status update on the country’s cryptocurrency law the government has been working on. “We worked a lot on it. We picked up the input from the stakeholders, ”she was quoted as saying.
Indian crypto bill status
Indian Finance Minister Nirmala Sitharaman provided a status update on the country’s cryptocurrency law in an interview with Businessline published last week.
Sitharaman was asked about the status of the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” and when it is expected to be passed. The Indian Finance Minister replied:
We worked a lot on it. We picked up the input from the stakeholders. The cabinet note is ready. We have to see when the Cabinet can pick it up and think about it so that we can then postpone it.
“I think from our side I have given one or two tips that a window will be available at least for fintech, experiment and pilot projects. The cabinet will have to make a decision, ”she clarified.
The bill was originally due to be tabled during Parliament’s budget session earlier this year, but it was not. As described on Parliament’s website, the crypto law aims to “provide a facilitating framework for [the] Creation of the official digital currency issued by the Reserve Bank of India. The bill also aims to ban all private cryptocurrencies in India, but allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses. “
In the meantime, however, the government has provided more information on the bill. The finance minister said in May: “A very calibrated position is being taken … [The] World moves fast with technology. We can’t pretend we don’t want to. ”The government reportedly set up a panel of experts in May to re-examine the recommendations of the bill.
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