Government to soon bring bill on crypto currencies in India

The government will soon bring a bill on crypto currencies as existing laws are inadequate to deal with issues concerning them, minister of state for finance Anurag Thakur told Rajya Sabha on Tuesday.

Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.

In view of the risks associated with Virtual Currencies (VCs), including Bitcoins, the Reserve Bank of India (RBI) through a circular in April 2018, had advised all the entities regulated by it not to deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.