India’s Finance Minister, Nirmala Sitharama, revealed that the government is actively debating the fate of cryptocurrencies and that a new law may be passed shortly.
Controversial India is expected to enact a long-awaited law governing custody, trading, and possibly cryptocurrency mining in the near future.
The current scenario was clarified by Minister of Finance Nirmala Sitharaman, who stated that she is simply waiting for the government to approve this bill, which already has a new cryptocurrency law in place.
Nirmala Sitharaman stated :
Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that.
Although it is unclear whether this rule will be harsh and restricted or supportive of the industry, the BFSI daily reports that an inter-ministerial council on cryptocurrency, chaired by Secretary, has suggested banning all cryptocurrencies save those issued by the Indian government.