Bill on cryptocurrency awaiting Cabinet approval: FM Sitharaman

Finance Minister Nirmala Sitharaman informed that the proposed legislation on cryptocurrencies has been tabled before the Cabinet and awaiting its approval.

“Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that,” the minister told reporters during an interaction on Monday.

India has been on the fence on cryptocurrencies for long, gradually making up its mind to whether accept or reject digital currencies.

An inter-ministerial panel on cryptocurrency, chaired by Secretary (Economic Affairs), to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.

The Reserve Bank of India (RBI) has also raised concerns on the cryptocurrencies traded in the market and conveyed them to the Centre.

RBI Governor Shaktikanta Das had emphasised that there are no differences between the central bank and the Finance Ministry on cryptocurrencies. He had said he has “reasons to believe” that the government is in agreement with the “major concerns” flagged by the RBI about the cryptocurrencies.

“We should now await the final decision on the matter” from the Centre, he had added.

Back in March, the Supreme Court had allowed banks and financial institutions to reinstate services related to cryptocurrencies by setting aside the RBI’s 2018 circular that had prohibited them.

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