The Government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha.
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 cryptocurrencies as they are not currencies, assets, securities or commodities issued by identifiable users.
“The existing laws are inadequate to deal with the subject,” he said.
The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies.
There was also a meeting of the Empowered Technology Group.
Reaction on Union Budget 2021
Adding to the point that termed this year’s Union Budget in accordance with people’s expectations. “As we know that the core mantra of Modi Government is Sabka Saath, Sabka Vikas, Sabka Vishwas, this Union Budget 2021 has given a new direction to this mission of India’s economic development. Aatmanirbhar package driven financial policies has protected the Indian economy from the pandemic and bringing the economy back on track swiftly. This Budget will definitely have strengthened India’s commitment to creating a growth-oriented ecosystem.” Anurag Thakur commented.
Commenting on India’s ‘V-Shaped’ recovery from the COVID Pandemic. “India has stood strong. The economy is witnessing a V-shaped recovery, and its because of the proactive policies and measures our leadership have chosen in order to respond to the crisis of COVID pandemic in second quarter of 2020.” he said. He also said the union budget 2021 presented earlier this month will give a boost to various sectors including MSMEs to a large extent.