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Unregulated market, opacity in operations affecting crypto exchanges: CBDT

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Unregulated market, opacity in operations affecting crypto exchanges: CBDT

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In an exclusive interview to CNBC-TV18, JB Mohapatra, Chairman of CBDT said it is unclear whether cryptocurrency is an asset or commodity.

Government has listed the introduction of a new cryptocurrency regulation bill in the upcoming winter session of the parliament. The bill seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

In an exclusive interview to CNBC-TV18, JB Mohapatra, Chairman of CBDT said it is unclear whether cryptocurrency is an asset or commodity.
"The nature of asset or the nature of commodity for cryptocurrency is not defined yet. There is apparently no regulation to manage the exchanges and the investment also. So under these circumstances the definitive view of the department will come through only when the regulation through the present bill is at least know to the department, then the department can take a view as to what further steps or notification or amendment can come through."
He said unregulated market, opacity in operations is affecting the economic operation of crypto exchanges. He added that CBDT will wait for the contours of the cryptocurrency bill before taking any decision.
"At this point in time an unregulated market with clear opacity in operations is affecting the economic operation of the crypto exchanges and the investments therein. So we have to look at the government's view through the crypto bill and then we can come in. So we are waiting to see the contours of the bill and thereafter depending on the situation we will take a call."
The winter session of the Parliament is set to begin on November 29, where several important bills will be tabled for debate and passage.
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