Bill on cryptocurrency soon

Tribune News Service
New Delhi, February 9

Minister of State for Finance and Corporate Affairs Anurag Thakur on Tuesday told the Rajya Sabha that the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) lack a legal framework to regulate cryptocurrencies which are neither currencies nor securities or commodities.

80 Chinese firms active in India: Anurag

• Minister of State for Finance Anurag Thakur told the Rajya Sabha on Tuesday that companies from Pakistan and China can invest in India, except in some strategic sectors, after obtaining government approval for the same
• Answering a question during Question Hour, Thakur said 80 Chinese companies were active in the country at present. A total of 92 Chinese companies were registered in the country now, he added

Taking note of the inadequacy of the laws to deal with the subject, the government formed an inter-ministerial panel to enact legislation, Thakur said during Question Hour. He said the panel had submitted its report. The committee of secretaries formed for this purpose also had given its report. Thakur added that the proposed law was in the final stages of completion. “We will be bringing the Bill soon,” he said.

There are multiple definitions of cryptocurrencies available globally, he said. The RBI had banned cryptocurrencies. “All these factors have been taken into account while framing the proposed law, which will be tabled in Parliament soon,” he said.

There have been reports suggesting that the Centre is planning to ban cryptocurrencies like Bitcoin by bringing a Bill in Parliament. It is also rumoured that the Centre may introduce its own digital currency through the RBI.