Saturday, May 21, 2022

Indian Government May Present Crypto Bill In Parliament During Monsoon Session

Indian Government is ready with the cabinet note for the crypto bill, declares the Finance Minister of the country, Nirmala Sitharaman, during an interview. 

She further stated that this cabinet note might bring a sigh of relief among Indian crypto businesses.

The Finance Minister of India further threw some light on the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, and informed that after holding a discussion with the stakeholders, the government did a lot of work on the bill. 

Sitharaman added, “The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.”

The government planned to introduce the bill in the last budget session, but due to COVID-19 and other issues, it never happened. 

Now, the speculations are being made that during this monsoon session, which is scheduled for July 19, the government would hold a discussion on the bill to provide more information regarding the technology, to the parliament members. 

As per the report, Sitharaman has given a hint that if the bill gets approval in the Parliament, then the government might start working on a pilot program.

During an interview, the Finance Minister stated, “From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to take a decision.”

However, Sitharaman did not open up much regarding the crypto note, but it appears that now, the crypto industry may finally hold the discussions to look forward to and hopefully, also participate.

Recently, the payment gateways in India started to break their ties with the crypto business, due to which the exchanges in the country had to search for secure, viable, permanent payment solutions. 

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