Question : Regulating Cryptocurrency

(a) the details of regulatory framework for regulating cryptocurrency investments in India;

(b) whether the Government has data on total investments made in cryptocurrencies by Indians and if so, the details thereof and if not, the reasons therefor;

(c) whether the Government proposes to bring proper regulations for cryptocurrency/digital token currencies in the country and if so, the status thereof along with the steps taken in this regard and if not, the reasons for delay;

(d) whether it would be allowed as an alternative payment system and if so, the details thereof;

(e) whether any safeguards would be provided to ensure that the investors and innocent and poor people are not exploited or fleeced and if so, the details thereof;

(f) whether the said currency will be available for everyone and if so, the details thereof and the extent to which it will be a transparent currency; and

(g) the effective steps taken by the Government to ensure emerging opportunities in cryptocurrency sector?

Answer given by the minister

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(a) & (b): Currently, cryptocurrencies are unregulated in India. The Government does not collect data on investment in cryptocurrency.

(c) to (g): A Bill on the Cryptocurrency and Regulation of Official Digital Currency is under finalisation for consideration of the Cabinet.

Download PDF Files