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The announcement that the cabinet note for the crypto law is ‘ready’ may provide some comfort to Indian crypto companies. During an interview, Finance Minister Nirmala Sitharaman revealed this information.
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 law was scheduled to be tabled during the last budget session, however owing to COVI-19 and other pressing concerns, it was never brought up. With the Monsoon session of Parliament set on July 19th, we may see at least a discussion igniting that will give further insights into the technology’s problems and benefits.
Sitharaman has hinted at prospective pilot initiatives if the law passes in Parliament. 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.”
Despite Sitharaman’s lack of a clear stance on the crypto note, the crypto sector may now have conversations to look forwards to and, perhaps, engage in.
The present state of affairs in the nation has compelled several exchanges to seek safe, viable, and long-term payment options, since banks and payment gateways have begun to cut relations with these crypto companies. Despite the central bank’s warning not to utilise its 2018 circular, which advised banks against processing cryptocurrency transactions, this occurred.