Government will soon bring bill on cryptocurrency

RBI launches latest round of quarterly survey on manufacturing sector

New Delhi: Reserve Bank of India Governor Shaktikanta Das has said that the central bank is working on a digital currency. Which will be completely different from cryptocurrency. We do not want to be left behind in the era of technological revolution. There is a need to adopt the advantages of blockchain technology. He also said that there are some important concerns regarding cryptocurrency. Earlier, the government also said in Parliament that it would soon bring a bill on cryptocurrency, as the current law is inadequate.

In India, there is no such legal currency as cryptocurrency legal tender. Therefore taxation on cryptocurrency is a disputed issue and it can cause legal problems.

The government will soon bring a bill on cryptocurrency, as the current laws are not sufficient to deal with matters related to it. Minister of State for Finance Anurag Singh Thakur gave this information in the Parliament. He said that regulatory bodies like RBI and SEBI do not have any legal system to directly regulate cryptocurrencies. Because they are not currencies, assets, security or commodities issued by identifiable users. The current laws are not sufficient to deal with this matter. Let me tell you, an Inter-Ministerial Committee has submitted its report on matters related to virtual currency. The committee of secretaries led by the Cabinet Secretary has also submitted its report.

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