Finance Minister Nirmala Sitharaman has stated that the bill on cryptocurrencies is on the anvil and is due to go to the Cabinet in the near future. Sitharaman said on Friday at the Agenda Aaj Tak'' event in Delhi that the bill will take into account the underlying technology.
The finance minister said that the technology ofblockchain has an important role in financial inclusion. She stated that the Bill took into account benefits of the technology of the digital ledger.
The government will bring in the Winter Session of Parliament on November 29th to bring in the Bill on Cryptocurrency and Regulation of Official Digital Currency, 2021. This had led to heavy selling on exchanges in India, crashing the value of some of the biggest cryptocurrencies by up to 15 per cent.
According to the contents of the bill listed in Lok Sabha, it aims to ban all private cryptocurrencies in India, but it allows for certain exceptions to promote the underlying technology of cryptocurrencies. The bill will also allow the creation of the official digital currency to be issued by the Reserve Bank of India Later, and it will also be clarified that the bill listed in Lok Sabha business is an old bill. Bill mentioned is an old bill and a new bill is being worked at and will be presented to the Cabinet soon, she said during the question hour in the Rajya Sabha.
The bill was reworked. The intent was to prove the bill or come up with a proposal that is going to be more recent. She said that they are coming out with a new one.
The bill was also to be come up with a bill. Later a lot of things had to come into play, so we started working on a new bill. Once the Cabinet clears it, it'll come to the House, conveyed Sitharaman.