Indian crypto businesses may find some relief in the news that the cabinet note for the crypto bill is ‘ready’. This information was disclosed by the Finance Minister, Nirmala Sitharaman during an interview.
When asked about the progress of the ‘ Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, Sitharamn noted that they have “done a lot of work on it” and taken inputs from stakeholders. She added:
“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.”
The bill was supposed to be tabled during the last budget session, however, due to COVI-19 and other priority issues, the crypto bill was never brought up. Now that the Monsoon session of Parliament is scheduled for 19th July, we may see at least a discussion sparking that would provide more insights about the concerns and benefits of the technology.
If the bill passes in the Parliament, Sitharaman has hinted at possible pilot programs. She stated:
“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.”
Even though Sitharaman did not mention a clear stance on the crypto note, the crypto industry may finally have the discussions to look forward to and hopefully, also participate.
The current condition in the country has forced many exchanges to seek out secure, viable, permanent payment solutions as banks and payment gateways began severing ties with these crypto businesses. This was despite the central bank’s notice to not use its 2018 circular that had warned banks against processing crypto transactions.