The government committee recommends banning all cryptocurrencies, except those issued by the state: FM The central government will decide on the committee’s recommendations and legal recommendations, FM said
The cryptocurrency bill is being finalized and will be submitted to cabinet soon, said Finance Minister Anurag Singh Thakur.
The high-level committee has recommended that all private private funds, except any tangible government-issued funds, be banned in India, Finance Minister Nirmala Sitharaman said on Tuesday.
Responding to a question from Rajya Sabha on whether the central government was planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, of it that all private secret funds, except for any tangible money issued by the government, will be banned in India. “
The minister of finance also added saying that the central government will decide on the IMC’s recommendations and legislative proposals, if any is to be tabled in Parliament in accordance with due process. He said that back in the year 2018, the Reserve Bank of India had banned banks from operating cryptocurrency-related transactions. He also said that In March 2020, the Supreme Court had lifted the ban.
Emphasizing the government’s position on Bitcoin, the finance minister said, “It was announced in the 2018-19 Budget Speech that the government is not considering tenders or official cryptocurrencies and will take all possible steps to eliminate the use of these crypto assets to fund illegal activities or as part of a program payment. “” Government will consider the use of technology for the frameworks that will be used to integrate the digital economy, “it continued.
The cryptocurrency bill has been finalized and will be submitted to cabinet soon, Finance Minister Anurag Singh Thakur said earlier.
Thakur said that the bodies that control the RBI and Sebi etc also do not have a legal framework to directly control the cryptocurrencies as they are not money or goods or security or assets which are issued by an unidentified user. He said that the existing laws are not enough to deal with the issue. The government had also established a committee of ministers and the committee issued a report. He said that post a previous technical support group meeting, a secretarial committee which was led by a cabinet secretary also gave their report. He said that the bill is being finalized and will be submitted to Cabinet shortly and so they will introduce the bill soon.
Earlier this month, the Reserve Bank of India (RBI) said it had plans to introduce a digital version of the Indian Rupee. The central bank “was exploring the possibility of the need for a digital version of fiat currency, and if possible there was a way to use it,” he said.