The revelation that the cabinet note for the crypto law is ‘ready’ may bring some respite to Indian crypto firms. Nirmala Sitharaman, the Finance Minister, revealed this information during an interview.
When asked about the status of the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,’ Sitharamn stated that they have “done a lot of work on it” and have received feedback from stakeholders. She continued, ”
“The Cabinet note has been prepared. We need to see when the Cabinet will be able to take it up and evaluate it, so we can move it.”
The law was planned to be introduced during the last budget session, however, it was never brought up owing to COVI-19 and other pressing matters. Now that Parliament’s Monsoon session is set for July 19th, we may see at least a spark of conversation that will provide greater insight into the concerns and benefits of the technology.
Sitharaman has hinted at prospective pilot initiatives if the law passes in Parliament. She explained:
“From our perspective, I believe one or two of the signals I’ve given indicate that a window will be accessible at least for fintech, experiment, and pilot initiatives. A decision will have to be made by the Cabinet.”
Despite the fact that Sitharaman did not express a firm position on the crypto note, the crypto industry may now have talked to anticipate and perhaps engage in.
Due to the current state of affairs in the country, many exchanges have been compelled to seek out secure, viable, and long-term payment alternatives, since banks and payment gateways have begun to cut relations with crypto firms. Despite the central bank’s warning not to utilize its 2018 circular, which warned banks against processing cryptocurrency transactions, this happened.