India’s finance minister has broken silence and talked about the crypto draft bill and report her department is examining which propose to ban cryptocurrencies. While she views the report as “very futuristic and well-thought-out,” the crypto industry sees it as flawed and incomplete.
Finance Minister Talks About Crypto Report
The Indian finance and corporate affairs minister, Nirmala Sitharaman, talked about the cryptocurrency report and draft bill her ministry is examining in an interview published by The Economic Times on July 29. The report, which contains a draft bill entitled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019, was made public on July 22. It was submitted by the interministerial committee constituted on Nov. 2, 2017, to study all aspects of cryptocurrency and provide recommendations. The committee has recommended a ban on all “private cryptocurrencies.”
The finance minister was asked during the interview: “When are you proposing to take the legislation to [the] cabinet?” She replied: “I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well.” Sitharaman continued:
They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought-out report. I have not spent time on it after the presentation.
“Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on,” the finance minister concluded.
Several crypto-related writ repetitions are pending at the Supreme Court of India which was scheduled to hear them all on July 23 after repeated delays since last year.