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Cryptocurrency Future In India
Cryptocurrency the much-awaited legislation to regulate virtual currency in India, is expected to be taken up by the Union Cabinet soon. A high-level committee headed by the secretary (economic affairs) had already submitted the report on cryptocurrency. The central government had earlier formed the panel to study the issues related to digital currencies and propose specific actions regarding the crypto coins. “Cabinet note is ready on cryptocurrency (bill). I am awaiting Cabinet to clear that," finance minister Nirmala Seetharaman said on Monday.
The proposed bill narrowly missed out on being tabled during the Monsoon Session of the Parliament. Cryptocurrency bill’s key purpose will be the “creation of the official digital currency to be issued by the Reserve Bank of India," according to the bulletin for the Budget Session prepared by the Lok Sabha Secretariat. The bill also “seeks to prohibit all private cryptocurrencies in India" but it would permit “certain exceptions to promote the underlying technology of cryptocurrency and its uses," the bulletin mentioned. The inter-ministerial panel has recommended ...
... that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, according to reports.
Earlier in May, finance minister had said that a very calibrated position will be taken on crypto and digital currency as the world is moving rapidly with technology. There have been reports that bitcoin and other cryptocurrencies may be allowed as an asset class in India.
However the central government will not accept cryptocurrency as legal tender any time soon. The Central has reiterated time and again that it does not consider cryptocurrencies legal tender or coin. During Budget 2018-19, the Union government had said that it will “take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system.”
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