Last week in the interview with The Hindu, Finance Minister Nirmala Sitharaman commented on the status of Crypto regulation bill.
She was asked about the status of ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021′ and then FM said.
“We have done a lot of work on it. We have taken stakeholders’ inputs. 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.”Nirmala Sitharaman, FM
There is possibility that the cryptocurrency regulation bill can be included in the next monsoon session of the parliament which will begin on July 19. In addition to that she added.
“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 make a decision.”Nirmala Sitharaman, FM
Investors are eagerly waiting for what will be the government’s stand and what will be the final decision on this ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021′ bill.
The Reserve Bank of India in 2018 had issued a circular to banks and told them not to engage in cryptocurrency services. After that RBI, on May 31, said that its 2018 circular was no longer valid and barred banks from citing it. “Such references to the above circular by banks or regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020,” it said.