Bill on cryptocurrencies on anvil, set to go to Cabinet shortly, says FM Sitharaman

Finance Minister Nirmala Sitharaman has stated that the cryptocurrency bill is on the anvil and is set to go to the Cabinet shortly. “Cryptocurrency bill will take into account the underlying technology,” said Sitharaman at the ‘Agenda Aaj Tak’ event in Delhi on Friday

The finance minister added that blockchain technology has an important role to play in financial inclusion. She conveyed that the Bill takes into account benefits of blockchain technology.

Last week, it was reported that the government will bring in the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the Winter Session of Parliament starting November 29. This had led to heavy selling on crypto exchanges in India, crashing the value of some of the biggest cryptocurrencies by up to 15 per cent.

According to the contents of the crypto bill listed in Lok Sabha, it aims “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” It also said the bill will also allow a framework for “the creation of the official digital currency to be issued by the Reserve Bank of India”.

Later, on November 30, clarified that the crypto bill listed in Lok Sabha business was an old bill. “Bill mentioned is an old bill and new bill is being worked at and will be presented in front of Cabinet soon,” she had said during the question hour in the Rajya Sabha.

“That bill has been reworked. So, the intent was to either prove the bill or come up with a proposal that is going to be far more recent. Now we are coming out with a new one,” she added.

“The earlier attempt was also to come up with a bill. But, later a lot of things had to come into play, so we started working on a new bill. Once the Cabinet clears it, it’ll come here in the House,” conveyed Sitharaman.

Also Read: FM Sitharaman: ‘Retail participation in India’s stock markets seeing multitudinal increase’. Highlights

Leave a Reply

Your email address will not be published. Required fields are marked *