Cryptocurrency: India's stand in the Digital Assets
The Indian government has been discussing for a long time to deliver a final conclusion over cryptocurrencies in the country. A much-awaited cryptocurrency bill in this regard has been formulated and placed before the Union Cabinet and awaits its approval for implementation. Finance Minister Nirmala Sitharaman informed on Monday that the cabinet note on the cryptocurrency bill is already prepared, and awaits for its immediate clearance. Earlier, an inter-ministerial panel, headed by the Secretary (Economic Affairs), had submitted its details and concerns on cryptocurrency. Currently, without any regulation, cryptocurrency has turned into a grey area for Indian investors.
The central government had formed the inter-ministerial panel on cryptocurrency to leverage into the concerns for digital currencies. According to reports, the panel suggested the wavering of all private cryptocurrencies in India. However, virtual currencies granted by the State may be considered. The tabling could not happen during the brainstorming Monsoon session.
The bill proposed by the Lok Sabha secretariat dismisses all private cryptocurrencies in India. However, it allows some exceptions to promote the technology and its uses.
In April 2018, the Reserve Bank of India (RBI) brought out an advisory notice to deal with all matters except for cryptocurrencies. However, in 2020, the Supreme Court lifted the ban and allowed banks and officials to deal with matters related to digital currencies as well.
In May 2021, the Deputy Governor of RBI proposed to create a Central Bank Digital Currency(CBDC). The cryptocurrency bill is highly awaited for its facilitation.
Cryptocurrencies have a growing popularity among Indian investors. These currencies are also noted to disrupt the central bank role of transaction and trading. Indians have traded over $6 million in cryptocurrencies. Almost 1.5 crore Indians have made such investments. Several hundred startups are also known to operate in the blockchain and cryptocurrency space.
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