Crypto to be banned in India Soon ? Bill being Finalised , Will be sent to Cabinet Soon: Govt.

With the recent pump in the value of crypto currencies and Big bulls like Elon musk openly tweeting about crypto's , there is a lot of interest in common people in India regarding Crypto. 

People who are not completely aware about the crypto's also want to get on-board , get some cryptos and book profit. But, with the Indian government's firm stand n banning the cryptoCurrency , there are a lot f speculation in the market.

We have more than 100% of increase in value of some of these crypto currencies over the last month, which lures a lot of people as everyone wants to book profit from that.

In 2018, the Reserve Bank of India had banned banks from processing transactions relating to crypto currencies, which was later revoked by he Supreme court of India in March last year.

Minister of State for Finance, Anurag Thakur on Tuesday responded to a question in the Rajya Sabha regarding regularisation of CryptoCurrency and said the government is in process of finalising a Crypto Currency bill which will be sent to the Union Cabinet soon.

Pic Credit : By Ministry of Finance - http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1572921, GODL-India, https://commons.wikimedia.org/w/index.php?curid=79453463

This question was raised by a BJP MP KC Ramamurthy " There is no doubt that the problem of bitcoins and other cryptocurrencies is escalating and the circular issued by the RBI also has limited impact. I would like to know from the honorable finance minister wether there is any proposal to bring in a bill to curb cryptocurrency in the country" Source: mint

Thakur Said in a response that cryptocurrencies are neither currencies nor assests, placing them outside the direct regulatory ambit of RBI or the SEBi and hence these regulatory bodies don't have a legal framework to directly regulate cryptocurrencies.

The existing laws are not adequate to deal with the subject and hence government has formed an inter-ministerial committee and asked for a report.

He said the reports are submitted and meetings have been chaired with the concerned committee and groups. The bill is being finalised and will be tabled soon in the parliament.