Cryptocurrency Bill 2021 to Be Introduced in Parliament After Cabinet Discussion

Finance Minister, Nirmala Sitaraman, said in the parliament that it will propose a bill on cryptocurrency in the Parliament after the Cabinet’s approval. Union Finance Minister Nirmala Sitharaman informed about this while answering a question raised by Digvijaya Singh and Ravi Prakash Verma in Lok Sabha today.

Replying to a question, Sitharaman said: “A bill to prevent the use of cryptocurrency for financing illegitimate activities and floated for preventing money laundering and funding terrorism. This bill will be introduced in the winter session.”

Crypto Industry has retained lots of interest for several years. The Crypto industry is awaiting a positive regulation that may permit investing and trading in crypto with certain restrictions.

The buzz around the Crypto Bill till now has been both positive and negative. The Crypto Bill is one of the many items on the list of bills to be introduced in parliament during the Winter Session.

The government says it is risky for investors as there is no regulatory framework for such currencies. The finance minister also said that the popularity of these types of digital tokens is increasing day by day, but there is still no decision to stop advertisements of them. But, she added that the ministry will soon present a bill regarding cryptocurrencies which will be very helpful for all traders.

The government has no proposals to recognise cryptocurrency as legal tender in India, Government answered today.

Regulating Bitcoin can be a complex issue. It is even more intimidating when it comes to the government’s view on cryptocurrency.

Despite the Indian government’s decision against Bitcoin, digital assets continue to gain popularity with investors and merchants alike as an alternative to fiat currency as a transaction medium as well as a store of value.

After the passage of the cryptocurrency bill, it is highly likely that the confusion will be cleared in this area.