Indian Finance Minister Nirmala Sitharaman said Monday that the government has prepared a cryptocurrency bill that has already been submitted to the Cabinet and is awaiting approval.
It is believed that a law will be passed to govern cryptocurrencies and the growing industry in India that will not completely ban cryptocurrencies, but does not recognize them as legitimate money. Most likely, the cryptocurrency will be classified as a tradable asset with its own market.
In addition, it is claimed that people will have ample time to experiment with blockchain technology, bitcoin and cryptocurrency. At the same time, all private cryptocurrencies, with the exception of those issued by the government, will be outlawed.
According to Shaktikant Das, Governor of the Reserve Bank of India (RBI), there is no disagreement between the central bank and the Treasury regarding cryptocurrencies. The government agrees with the RBI’s “serious concerns” regarding cryptocurrencies:
“Now we must wait for the final decision on this issue from the Center.”
It’s worth noting that despite India’s tough stance on digital assets, the cryptocurrency has directly helped the country. The fact is that the co-founder of Ethereum Vitalik Buterin donated $ 1 billion in Shiba-Inu coins to the India Aid Fund.
The money is donated in chunks to organizations that provide food throughout the country and create mini intensive care centers for patients with severe cases of Covid-19.