The Indian finance minister said that the Indian crypto bill is expected to be listed for discussion during the upcoming parliamentary session, she is also optimistic that the crypto-bill will be considered.
In a recent interview, India’s finance minister, Nirmala Sitharaman, discussed the long-awaited crypto bill. She stated that the cabinet note for the crypto bill is ready and has been created with feedback from industry players.
The Indian crypto bill was also included during the previous budget session of parliament, but it was unable to be debated because of time restrictions imposed by the pandemic.
The next Parliamentary session begins on July 19, and the crypto community is optimistic that the impending crypto bill will be considered.
During her interview, Sitharaman stated that they are considering all areas of the crypto ecosystem and hinted at prospective pilot program windows once the bill is approved by the cabinet. 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.
India is one of the most active crypto investment markets, with a year-over-year increase in crypto investment of over 19,000%.
Over $4 billion was invested in cryptocurrencies by Indians, up from $200 million a year ago. Apart from a substantial increase in crypto investment, despite regulatory uncertainties, the country is becoming a more popular alternative for major crypto enterprises.
Coinbase, one of the world’s most popular cryptocurrency exchanges, stated that it would be extending its market in India with numerous new hires.
India is also a major contributor to the crypto developer community, with a considerable number of projects recruiting or outsourcing work to Indian engineers.