New Delhi : Union Finance Minister Nirmala Sitharaman on December 4 said that the government will bring a well consulted cryptocurrency Bill.
While speaking at the Hindustan Times Leadership Summit 2021,Nirmala, reiterated that unregulated speculation about the developments in crypto space is ‘unhealthy’.
While responding to a query in the Parliament on November 29, Sitharaman had clarified that there is no proposal to recognize Bitcoin as a currency. The government does not collect data on Bitcoin transactions, she said.
Apart from this, Minister of State for Finance Pankaj Chaudhary, while responding to a question by Thirumaavalavan Thol had said, “Cryptocurrencies are unregulated in India.”
In November, Reserve Bank of India (RBI) Governor Shaktikanta Das had said the central bank has serious concerns over cryptocurrency from macroeconomic and financial stability point of view.
“We have given our detailed suggestions, as far as I know the matter is under active consideration of the government and the government will decide,” Das said at Business Standard’s BFSI Summit on November 10.
The concern over regulating cryptos as currency rose as reports arrived that the government may table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the ongoing winter session of the Parliament.
According to the proposed bill, it seeks to prohibit all private cryptocurrencies in India, however, allowing certain exceptions to promote the underlying technology of cryptocurrencies and its uses
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