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Unregulated market, opacity of operations affecting crypto exchanges: Cbdt

The government has listed the introduction of a new cryptocurrency regulation bill during the upcoming winter session of parliament. The bill aims to ban all private cryptocurrencies in India; however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

In an exclusive interview with CNBC-TV18, JB Mohapatra, president of CBDT, said it was not clear whether cryptocurrency was an asset or a commodity.

“The nature of the asset or the nature of the commodity for the cryptocurrency is not yet defined. There is apparently no regulation to manage trading and investment as well. So under these circumstances, the department’s final opinion will only materialize when the regulation through this bill is at least known to the department, then the department can decide on any additional measures, notification or amendment that may be adopted. . “

He said that in the unregulated market, the opacity of operations affects the economic functioning of crypto exchanges. He added that CBDT will wait for the contours of the cryptocurrency bill before making a decision.

“Right now, an unregulated market with a clear opacity in operations affects the economics of crypto exchanges and the investments associated with it. So we need to look at the government’s perspective through the crypto bill and then we can come in. So we wait to see the outline of the bill and then, depending on the situation, we will take a call. “

The winter session of Parliament is scheduled to begin on November 29, where several important bills will be tabled for debate and adoption.

Watch the video to learn more.


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