India's Finance Minister Says Crypto Bill Ready for Cabinet

India's finance minister has provided an update on the status of the country's cryptocurrency bill that the government is working on. “We have done a lot of work on this,” he said. We have got inputs from stakeholders.

India’s Finance Minister Says Crypto Bill Ready for Cabinet – Regulation Bitcoin News

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Indian crypto bill status

India's Finance Minister Nirmala Sitharaman provided an update on the status of the country's cryptocurrency bill in an interview with Businessline published last week.

Sitharaman was asked about the status of the "Cryptocurrency Law and Regulation 2021 of Official Digital Currency" and the possibility of its approval. Finance Minister of India replied:

We've done a lot of work on this. We have received inputs from interested parties. Cabinet note is ready. We have to see when the cabinet can take it up and consider it so that we can take it forward.

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"For our part, I think I've given a hint or two that at least a window will be available for fintech, experimentation, and pilot projects. The cabinet will have to decide," he clarified.

The bill was originally slated to be introduced during the budget session of Parliament earlier this year but has not been done. According to its description on Parliament's website, the crypto bill aims to "create a framework that will facilitate the creation of an official digital currency that will be issued by the Reserve Bank of India.

The bill seeks to ban all private cryptocurrencies in India." It also seeks to promote the cryptocurrency and the underlying technology of its use, with few exceptions.

However, since then, the government has provided few more details about the bill. The finance minister said in May: "A very calibrated position will be taken ... [the world] is moving fast with technology.

We can't pretend we don't want it." In May, the government reportedly set up a panel of experts to re-examine the recommendations within the bill.