Nirmala Sitharaman, the Indian finance minister in her latest interview gave an insight into the long-pending crypto bill. She revealed the cabinet note for the crypto bill is ready and has been prepared after taking inputs from the stakeholders of the industry.
The Indian crypto bill was listed during the last budget session of the parliament as well, but couldn’t be discussed due to time constraints brought on by the pandemic. The next Parliamentary session is set to begin on July 19 and the crypto community has high hopes of seeing the impending crypto bill being discussed.
Sitharaman during her interview noted that they are considering all aspects of the crypto ecosystem and hinted at possible windows for pilot programs once the cabinet approves the bill. She said,
We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.
From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to make a decision.
Positive Crypto Regulations Can Propel India to the Forefront of Crypto Market
India is one of the fastest crypto investment markets where over the past year itself it has seen over 19,000% rise in crypto investment. Indians invested over $4 billion in cryptocurrencies rising from $200 million a year ago. Apart from a significant spike in crypto investment, the country is a growing choice of leading crypto businesses despite regulatory uncertainty. Coinbase, one of the leading crypto exchanges in the world announced it would be expanding its market in India with several new hiring.
India is also one of the lead contributors to the crypto developer community as well with a significant number of projects hiring Indian developers or outsourcing the work to India.