Govt to soon bring bill on cryptocurrencies
PTI, Feb 9, 2021, 4:44 PM IST
Reuters Image
New Delhi: The government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday.
Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal framework to directly regulate cryptocurrencies as they are not currencies, assets, securities or commodities issued by identifiable users.
“The existing laws are inadequate to deal with the subject,” he said.
The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies. There was also a meeting of the Empowered Technology Group. The Committee of Secretaries chaired by the Cabinet Secretary has also given its report.
“A bill (on cryptocurrencies) is being finalised and it will soon be send to the Cabinet. We will soon be bringing a bill,” Thakur said.
In view of the risks associated with Virtual Currencies (VCs), including Bitcoins, the Reserve Bank of India (RBI) through a circular in April 2018, had advised all the entities regulated by it not to deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.
However, Supreme Court, vide judgement dated March 4, 2020, had set aside the RBI’s circular.
To another question regarding Chinese companies in the country, the minister said as of now, there are around 92 companies registered in the country. Out of them, 80 Chinese companies are actively working in India.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Cow smuggler dead, six others injured after their vehicle overturns during police chase
Assam bypolls: Samaguri Cong candidate alleges rigging by BJP, demands repolling
Who in Congress has said Article 370 will be restored? Shah spreading lies: Kharge
All arrangements in place to ensure smooth darshan at Sabarimala shrine: Kerala police
Delhi pollution: Mothers’ group write to health minister, highlight respiratory issues among kids
MUST WATCH
Latest Additions
Cow smuggler dead, six others injured after their vehicle overturns during police chase
Assam bypolls: Samaguri Cong candidate alleges rigging by BJP, demands repolling
Who in Congress has said Article 370 will be restored? Shah spreading lies: Kharge
All arrangements in place to ensure smooth darshan at Sabarimala shrine: Kerala police
Delhi pollution: Mothers’ group write to health minister, highlight respiratory issues among kids
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.