Indian finance ministry says crypto bill introduced by next year

Finally, a hint is coming from the government official of the Indian Finance ministry that the nation is going towards Crypto regulation Instead of the ban. 

In the past, there were many statements & news about Crypto in India and most of the time the community of India got a confusing indication from government officials. But the latest news that is coming from the official sources, indicates clearly that India is going to regulate cryptocurrency instead of banning it.

According to the news of business today, in an interview with the television show of business today, an official from the Finance Ministry stated that India will represent the crypto bill in the next budget session of February 2021. And the main motive of the bill will be Crypto-related regulation to prohibit any kind of illicit activities associated with Crypto. 

Further, officials explain the associated risk that they think is possible. 

Finance Ministry official said, 

“What should not happen tomorrow is that if I start a personal digital currency, and after good marketing everybody buys it and once it has appreciated, I run away since I am a private player! Everybody has bought that currency by using other assets. The government needs to look at regulation to avoid the above”.

So with this example, the official indicates that the Government of India will make a highly strict rule so that people cannot use Crypto assets for payment purposes or as legal tender. 

Former Central bank governor on Crypto 

Before this, a former governor of the Central Bank of India stated that crypto assets are lying at innovative technology and these can be used for a better purpose but denied to predict any future over the crypto industry. 

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