Govt will bring a 'well consulted' cryptocurrency bill: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said on December 4 that the government will bring a well consulted cryptocurrency Bill.

Speaking at the Hindustan Times Leadership Summit 2021, the minister, however, reiterated that unregulated speculation about the developments in crypto space is ‘unhealthy’, quoted LiveMint.

While responding to a query in the Parliament on November 29, Sitharaman had clarified that there is no proposal to recognise Bitcoin as a currency. The government does not collect data on Bitcoin transactions, she had said.

ALSO READ: No proposal to recognise Bitcoin as currency: FM Nirmala Sitharaman in Parliament

Apart from this, Minister of State for Finance Pankaj Chaudhary, while responding to a question by Thirumaavalavan Thol had said, "Cryptocurrencies are unregulated in India."

In November, Reserve Bank of India (RBI) Governor Shaktikanta Das had said the central bank has serious concerns over cryptocurrency from macroeconomic and financial stability point of view.

"We have given our detailed suggestions, as far as I know the matter is under active consideration of the government and the government will decide," Das said at Business Standard’s BFSI Summit on November 10.

The concern over regulating cryptos as currency rose as reports arrived that the government may table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the ongoing winter session of the Parliament.

According to the proposed bill, it seeks to prohibit all private cryptocurrencies in India, however, allowing certain exceptions to promote the underlying technology of cryptocurrencies and its uses.