Cryptocurrency in India; What's the plan of Indian Govt?

New Delhi: If you invest in Cryptocurrency, then there is special news for you. Finance Minister Nirmala Sitharaman is awaiting cabinet approval on a bill related to cryptocurrency. He has the proposed bill.

The Inter-Ministerial Panel on Cryptocurrencies, constituted under the chairmanship of the Secretary, Economic Affairs, to study the issues related to digital currencies and propose specific actions, has already submitted its report.

Cryptocurrency in India:

The report recommended that all private cryptocurrencies, except any digital currency issued by the government, be banned in India. The Finance Minister said that the Cabinet note on the Cryptocurrency Bill is ready. I am waiting for the Cabinet to approve it. RBI has conveyed its concerns to the government regarding the prevailing cryptocurrencies in the market.

Amid hopes of the government finding a solution to prevent Vodafone Idea Ltd (VIL) from reaching the brink of closure, Sitharaman said several officials are talking to each other but nothing has come to them yet. Sitharaman said that many officers are talking among themselves. But nothing has come to me. He did not mention whether the talks were taking place between government officials or whether the lender was in talks with Vodafone Idea.

Sitharaman said she expects inflation to be in the range of 2-6 per cent during the current financial year. RBI has been asked to maintain retail inflation at 4 per cent. Along with this, there has also been a scope for variation in it up to two percent. Sitharaman has also expressed confidence that the revenue receipts will be better in the coming months. He said that both GST and Direct Taxes have improved during the last few months. On the demand pick up in the economy, he said liquidity remains good in the market and credit growth is expected to pick up in the coming festive season.

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