Indian Finance Minister Nirmala Sitaraman presented an update on the state of cryptocurrency accounts in the country in an interview with Businessline published last week.
Sitharaman was asked about the status of “cryptocurrency and regulation of the official draft law for digital currencies 2021” and when it is expected to be passed. The Indian Minister of Finance replied:
We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.
“From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to take a decision,” she clarified.
The bill was originally included in a list to be presented during the House budget session earlier this year, but was not included. According to his description on Parliament’s website, the crypto law aims to “create a facilitation framework for the creation of an official digital currency issued by the Reserve Bank of India”. The bill also aims to ban all private cryptocurrencies in India, but allows some exceptions to promote the core technology of cryptocurrencies and their use. “
Since then, the government has provided little information about the bill. In May, the Finance Minister said, “A highly calibrated position is being taken … [The world] is moving fast with technology. We can’t pretend we don’t want to.” formed a group of experts to review the recommendations of the draft law.