Prime Minister Narendra Modi will take a final judgment on the regulatory framework for crypto-currencies amid conflicting views among stakeholders, two persons conversant in the event said. A high-level meeting was persisted Thursday to think about all the choices as also stakeholder views including the concerns voiced by the Federal Reserve Bank of India.
The options
include an entire ban on private crypto-currencies, a partial ban, allowing all
categories of crypto products with regulation,.
Draft Bill could Undergo Some
Changes
The finance
ministry has finalized a draft note on the proposed bill, but sections within
the government felt more detailed discussions were needed on the principles
underlying the bill and on the broad details of the treatment of virtual
currencies by India, the person said. Discussions are likely to be specialized
in various options and pros and cons of adopting them. "PM will now take a
final call on these," the person said.
The draft
bill could undergo some changes after these deliberations at the very best
level.
The Bill was
earlier listed within the last budget session also but couldn't be introduced
because the government decided to transform it.
The proposed
bill also seeks to make a facilitative framework for the creation of a
politician's digital currency to be issued by the Federal Reserve Bank. It aims
to ban private crypto-currencies in India while allowing certain exceptions to
market the underlying technology.
Finance
minister Nirmala Sitharaman told the Rajya Sabha last week that the government
will bring the Bill to Parliament after the cabinet clears it.
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