Sunday, February 5, 2023

Crypto Bill Waiting For Cabinet’s Approval, Says Nirmala Sitharaman

India’s long wait on the crypto-regulation bill might soon end now. The Union Cabinet is being expected to give its approval to the crypto bill, in the near future, said Finance Minister Nirmala Sitharaman on Monday.

During an interview, Sitharaman informed, “Cabinet note is ready on cryptocurrency bill. I am awaiting Cabinet to clear that.”

A few months ago, Sitharaman cleared the government’s stance over cryptocurrency. 

She specified that the Indian Government is not planning to ban all the options related to cryptocurrencies. Further, the Finance Minister stated that the individuals involved in crypto trading would be offered an adequate window to experiment with blockchain, bitcoin and cryptocurrencies.

Last month, during a Monsoon Session in the Parliament, Sitharaman was questioned regarding the number of crypto exchanges and investors in India, to which she replied that the government does not collect the data.

Following that, she informed the Rajya Sabha that they also did not receive any information on whether the crypto exchanges are involved in narcotic drug trafficking or money laundering.

As per the data released by crypto exchanges in India, around 1.5 crore people in the country have invested in cryptocurrencies holding worth Rs.15,000 crore. 

The report further notified that there are 350 startups in India which operate in the blockchain and crypto space.

It has been reported earlier, that neither there would be any crypto ban, nor these virtual currencies would be used as a legal tender in the country. Rather, they would be treated as a tradable asset class with a market. 

As per recent reports, there are chances that the government presents the crypto bill in Parliament during the Winter Session, after getting approval from the cabinet.

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