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market | IST

FinMin circulates Cabinet note on cryptos, likely to be considered for decision soon

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CNBC-TV18 has learnt that the Finance Ministry has circulated a Cabinet note on cryptocurrencies, which is likely to be considered for a decision soon.

CNBC-TV18 has learnt that the Finance Ministry has circulated a Cabinet note on cryptocurrencies, which is likely to be considered for a decision soon.
This particular bill is slated for a discussion and a passage in the upcoming winter session and government’s view is very clear that any currency not floated by Reserve Bank of India (RBI) cannot be a legal tender.
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Government’s view is also aligned with the Financial Action Task Force (FATF) view that anonymity with respect to virtual currencies makes them vulnerable to illegal activities.
Also, the bill will have a regulation with a provision to recognize virtual currencies that are issued by various governments and sovereigns.
The Government of India and RBI are currently closely working to look into the possibility of India having its own sovereign digital currency and the bill is likely to give that framework.
Watch the accompanying video of CNBC-TV18’s Timsy Jaipuria for more details.