In 2018, there was a wave of cryptocurrency which has hit India, at the time RBI has banned all banks from processing any kind of transactions related to cryptocurrency. After a year of the ban, The Supreme Court has lifted the ban last year from cryptocurrency and after that, it is being into action and people are dealing with it but there are many fraud cases coming up. In the past few months, there is a long-due discussion going on bringing some kind of control over these currencies.
On Tuesday during the session of Rajya Sabha, there was a discussion related to cryptocurrency, The Minister of State For Finance Anurag Thakur said that the government is working on some steps, and soon the bill will be showcased in Union Cabinet to curb any kind of uninvited situation. A member of Rajya Sabha KC Ramamurthy from Karnataka ( Member of BJP) has raised the question in the session that whether the government has decided on any bill to curb the problem related to cryptocurrency.
In response to the question that arose in Rajya Sabha, Mr. Anurag Thakur has said that it is clear that cryptocurrency doesn’t come directly under the currencies or the asset, so the government is trying its best to frame the bill that can put control over the cryptocurrency. As the discussion speed up further, the statements were made. The bodies like RBI and SEBI doesn’t have the framework that deals with legal decisions as these can’t be termed as the currency or asset or securities.
As per the current provision, there is no law to deal with this particular type of issue. The government has set up an internal committee to deal with this particular issue. This committee of secretaries is headed by the cabinet secretary who is keeping up with each and every little information provided by the team and it has been mentioned on the report. The bill is under construction and the government has assured that the bill will be finalized soon and will come into action. There are many issues coming up due to the cryptocurrency, so bringing the bill to keep the upper hand by the government will be helpful as no one can misuse the cryptocurrency. The framework is much needed to keep control of the digital currency and keep functioning properly.
Picture Credit: Currency.com