The Indian government once again talked about the cryptocurrency bill. This time, the Chancellor of the Exchequer clarified the status of the encryption bill that is expected to be presented in Parliament during this session.

India’s Ministry of Finance clarifies the status of the encryption bill

The subject of India’s Bitcoin and Cryptocurrency Bill was proposed by Rajya Sabha in the upper house of the Indian Parliament on Tuesday. Recently, the cryptocurrency bill was listed as being introduced in Losabha, the House of Commons. The bill aims to ban cryptocurrencies and establish a regulatory framework for central bank digital currencies issued by the Reserve Bank of India (RBI).

Since its Lok Sabha list was made public, questions have been raised in Rajya Sabha regarding the cryptocurrency bill. Last week, Indian Finance Minister Anurag Thakur (Anurag Thakur) clarified the government’s position on cryptocurrency and the digital rupee.

On Tuesday, more questions about the cryptocurrency bill were raised in Rajya Sabha. Congressman KC Ramamurthy asked: “There is no doubt that the problem of Bitcoin and other cryptocurrencies is escalating… I would like to ask the distinguished Minister of Finance if there is any proposal to introduce a bill to curb The country’s cryptocurrency.” Minister Thakur replied:

Regulators such as RBI and SEBI also have no legal framework to directly regulate cryptocurrencies, because they are neither currencies, nor assets, securities, or commodities.

He went on to explain: “The existing laws are not enough to solve this problem.” He added that as a result, the Inter-Ministerial Committee (IMC) was established, which has submitted a report.

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Minister Thakur further revealed that “the meeting of the authorized technical group was held earlier,” he pointed out that the Cabinet Secretary and another committee also made a report. Finally, he said:

The bill is being finalized and will be sent to the Cabinet soon.

The Indian cryptocurrency community welcomed this clarification from the Secretary of State. Nischal Shetty, CEO of Indian cryptocurrency exchange Wazirx, told “I think this is a positive sign. It is said that discussions will be around the bill, so there will be no rush to implement it. I think overall , This is a very positive development.”

Do you think India will ban cryptocurrency? Let us know in the comments section below.

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