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Finmin circulates Cabinet note on cryptos, likely to be considered for decision soon

CNBC-TV18 has learned that the Finance Ministry has released a Cabinet Note on cryptocurrencies, which is expected to be considered for a decision shortly.

This particular bill is slated for discussion and passage in the next winter session and the government’s point of view is very clear that any currency not issued by the Reserve Bank of India (RBI) cannot be current. legal.

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The government’s view is also aligned with the Financial Action Task Force (FATF) view that anonymity with respect to virtual currencies makes them vulnerable to illegal activity.

In addition, the bill will include a regulation with a provision recognizing virtual currencies issued by various governments and sovereigns.

The Indian government and RBI are currently working closely together to examine the possibility of India having its own sovereign digital currency and the bill is likely to provide that framework.

Watch the accompanying video of CNBC-TV18’s Timsy Jaipuria for more details.

(Edited by : Dipikka Ghosh)


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