While replying to a question in the upper house of the Indian parliament, finance minister Nirmala Sitaraman reiterated the government of India’s stand on banning the private cryptocurrencies except those issued by the state.
The minister said, “A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India”. She also added, “The central government will take a decision on the recommendation of IMC and legislative proposal, if any would be introduced in the Parliament following the due process”.
Along with this the Minister of State for finance, Anurag Thakur also cleared that very soon the government is going to introduce a bill to deal with the issues concerned with the digital currency. He also said that the regulators like RBI and SEBI lacks the legal framework to regulate the crypto currencies, as they are not assets, currencies, commodities or securities issued by the identifiable users.