The Indian Ministry of Finance said the planned Crypto bill to be introduced next year
In fact, comes from the official in the government of the Indian Finance ministry that the country is heading toward Crypto regulation instead of a ban.
In the past few years, there were a lot of reports and statements about cryptocurrency in India, and the majority of the time, the community of India received a confusing message from officials at the state level. However, the most recent news that comes from official sources, shows clearly that India is planning to regulate cryptocurrency, instead of banning its use it.
According to news from business today, during an interview on the TV show today on business a representative from Indian Finance Ministry stated that India will present the crypto bill during the budget session that will take place in February 2021. The primary purpose of the bill is to create a Crypto-related regulations to stop any type of illegal activities that are that are associated with Crypto.
In addition, officials outline the potential risk they believe could be a possibility.
Indian Finance Ministry official said,
“What could happen in the future is if I create my own digital currency after which everyone buys it . Once it’s been appreciated, I leave because I am an individual player! Everyone has bought the currency using other assets. The government should review regulations to avoid the same”.
In this way the official is indicating to it is likely that the Government of India will make an extremely strict rule to ensure that individuals are not able to make use of Crypto assets to pay for goods or to use them as legal tender.
Former Central Bank governor on Crypto
In the past an ex-governor of the Central Bank of India stated that crypto assets lay at the forefront of technology and are able to be used for greater purposes but they have not been able to forecast any future developments in the cryptocurrency industry.