Cryptocurrency Bill may Announce in Winter Session, Cabinet Note is Ready

The cryptocurrency market in the country is growing rapidly. The government is preparing to make rules for this.
Image Credit: Bankrate.com
Image Credit: Bankrate.com

The cryptocurrency market in the country is growing rapidly. The government is preparing to make rules for this. The Union Cabinet may soon approve a bill for the regulation of cryptocurrencies. If the bill gets Cabinet nod by November, it can be introduced in the winter session of Parliament.

Cabinet draft has been prepared

Finance Minister Nirmala Sitharaman told reporters on Monday that the Cabinet draft related to the Cryptocurrency Bill has been prepared. At present, she is waiting for the cabinet's nod for the bill.

Not all avenues for cryptocurrencies will be closed

Image Credit: Bankrate.com
Image Credit: Bankrate.com

The Finance Minister has already clarified the government's stand on cryptocurrencies. She has said that the government is not going to block all avenues for cryptocurrencies in the country. People will get ample opportunities to experiment with blockchain, cryptocurrencies and so on.

The government does not collect data on exchanges

In July, Sitamaran told the Rajya Sabha that it does not collect data on the number of investors and exchanges of cryptocurrencies. She had said that the Finance Ministry has not received any information whether the exchanges are involved in drug smuggling or hawala.

15,000 crore investment of 1.5 crore Indians

According to data from crypto exchanges, around 15 million Indians have invested in cryptocurrencies. There is an investment of about Rs 15,000 crore in it so far and the number of people investing in it is increasing continuously.

Rupees will not run like this, trading will be possible

It is believed that the government will not ban cryptocurrencies, but it will not be a legal tender i.e. it will not be a valid medium of transaction. However, cryptocurrencies can be bought and sold like any other asset in the market.

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