What is the status of the cryptocurrency bill?

new Delhi. The government made it clear on Monday that the cryptocurrency bill is likely to take some time. Minister of State for Finance Pankaj Chaudhary said this in response to a question asked on cryptocurrency.

Actually, the cryptocurrency bill was to be introduced in the winter session of Parliament last year, but it could not be introduced. In the current Lok Sabha session, when the Finance Ministry was asked about its status, it said that the bill is likely to take some time.

BJD MLA Bhartrihari Mahtab asked the ministry about the status of the cryptocurrency bill, which was to be introduced in the winter session of 2021. He also asked about the time frame within which the bill would be introduced and would be open for inputs.

The answer was given by Pankaj Chowdhary, Minister of State in the Ministry of Finance. He said that crypto assets are borderless and international cooperation is needed to prevent regulatory arbitrage. Therefore any legislation on this subject can only be effective with significant international cooperation. Chaudhary further said that the policy related to crypto assets and related ecosystem is with the Ministry of Finance.

The government was about to introduce new regulations for cryptocurrencies during the winter session of Parliament that began on 29 November. This happened for the second time when the bill was listed but it was postponed. It was postponed for the first time in the budget session of Parliament in February last year.