What happened to the crypto bill? Here’s what the Finance Ministry has to say
The cryptocurrency bill was scheduled to be tabled in the Winter Session of the Parliament last year but it never saw the light of the day. In the current Lok Sabha session, the Ministry of Finance was asked about its status, and it said but not in as many words, that the bill is likely to take a while.
BJD MLA Bhartruhari Mahtab asked the ministry about the status of the cryptocurrency bill that was scheduled to be tabled in the Winter Session of 2021. He also asked the timeframe within which the bill would be tabled and be open for inputs, the department that would regulate cryptocurrency and crypto token, as well as the ministry or department that would regulate various other virtual digital assets other than cryptocurrency such as NFT, dApps, real estate tokens, and other blockchain based assets.
The reply was given by Minister of State in the Ministry of Finance, Pankaj Chaudhary. He said, “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,”
He further stated that policy related to crypto assets and related ecosystem is with the Ministry of Finance.
The government was scheduled to introduce new regulations for cryptocurrency during the Winter Session of Parliament that started on November 29. This happened for the second time that the bill was listed but got deferred – the first time being the Budget Session of Parliament in February last year.
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