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Indian Finance Minister Weighs In On Proposed Crypto Bill

31 Jul 2019

In the wake of the proposed cryptocurrency bill, there were a lot of reactions- both good and bad.The recently proposed bill, which was uploaded by blockchain lawyer, Varun Sethi, stated, “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. Nothing in this Act shall apply to any person using technology or processes underlying any cryptocurrency for the purpose of experiment or research, including imparting of instructions to pupils provided that no cryptocurrency shall be used for making or receiving payment in such activity. Nothing in this Act shall apply to the use of Distributed Ledger Technology for creating a network for delivery of any financial or other services or for creating value without involving any use of cryptocurrency for making or receiving payments.”While there have been many, many articles soothing ruffled feathers, stating that since this is just a proposal, chances of it reaching the Upper House may be far and few in between.Recently, news portal, Economic Times interviewed Nirmala Sitharaman, the newly-appointed Finance Minister and asked her about the proposed bill, among other things. She was asked, when she was proposing to take the legislation to Cabinet. She said, “I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well. They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on.”While the comments about the report being futuristic and well-thought out are debatable, at the moment, its best to remain optimistic about the pending court judgement and carry on as we were.Liked what you read? Join us on Telegram

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