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India’s junior finance minister Anurag Thakur has said that the country’s government will “soon” bring a bill on cryptocurrencies.

“The bill is being finalized and would be sent to the cabinet soon, so we’ll be bringing the bill soon,” said Thakur while replying to a question in the Rajya Sabha, the upper house of Indian Parliament.

Thakur said existing laws in India are “inadequate” to regulate cryptocurrencies. Thus, an inter-ministerial committee (IMC) was formed on the subject, and that committee submitted its report, said Thakur.

Post that, there was also a meeting of the Empowered Technology Group, said Thakur, adding that the Committee of Secretaries chaired by the cabinet secretary has also given its report.

“Now the government has prepared the bill, and it will be coming to the Parliament soon, and we can have a detailed discussion on that,” said Thakur.

Meanwhile, responding to the same question, India’s finance minister Nirmala Sitharaman said in her written response that the “Government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the Parliament following the due process.”

Both Thakur and Sitharaman were referring to the 2019 recommendations drafted by former Finance and Economic Affairs Secretary Subhash Chandra Garg, who suggested banning “private cryptocurrencies.”

The definition of private cryptocurrencies is not known yet, but Sitharaman appears to be suggesting that private cryptocurrencies include all crypto assets, except a central bank digital currency. As she today noted, the committee recommended in its report that “all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India.”

The final text of the bill is yet to be known and is expected to be made public within the current Parliament session, which is concluding on April 8, with a recess in between from February 15 to March 8.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.