Cryptocurrency Bill: Govt to Bring a New Crypto Bill, Previous Bill Reworked, says Finance Minister Nirmala Sitharaman

With a lot of confusion and panic among the investors in crypto currency, Nirmala Sitharaman decided to speak out. The Finance Minister of India shared that the government is currently drafting a new bill to revise crypto currency norma in India. Sitharaman shared, “There were other dimensions and the bill had to be reworked and now we are trying to work on a new Bill,” she added.
There was extensive discussion on the regulatory capacity of cryptocurrencies and “let’s wait for the bill,” she further added.

The ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was going to be introduced by the Centre during the Winter session of the Parliament. “The bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the bulletin in the Lok Sabha website mentioned. After this, panic Indian exchanges began among the crypto investors in the country.

However, now the air is cleared by the Finance Minister that this notice was an old one and the government will soon be issuing a new notice with regards to crypto currency.