All You Need To Know About India’s Crypto Bill
-
Loading... - Krish Bakshi
- 03 Apr 2023
- 72 Views
- 0 Like
- 0 Comment
A cryptocurrency is a form of virtual asset based on a network that is scattered across a huge number of computers. It is a decentralized form that allows cryptocurrency to exist outside the control of the central government or authorities
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was introduced in the Lok Sabha. The bill seeks to create a favorable framework for the creation of digital currency that will be issued by the Reserve Bank Of India (RBI).
Cryptocurrency Bill: Here’s What The Ministry Of Finance Said On Crypto Bill In Parliament
The Cryptocurrency Bill was scheduled in the year 2021, in the Winter Session of the Parliament but it didn’t happen. However, in the current Lok Sabha session, the Ministry of Finance was questioned about the Bill.
The question was raised as to: What is the current status of the Cryptocurrency Bill? When will it be tabled and be open for inputs? Which ministry/department will regulate the virtual assets like cryptocurrencies, non-fungible tokens (NFTs) , decentralized applications, real estate tokens and other assets.
The Minister of State Finance, Shri Pankaj Chaudhary, on behalf of the Ministry of Finance answered the questions by saying, “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” He later added that the policy-related ecosystem and crypto assets are with the Ministry of Finance. Read More…
