Controversial India may soon pass a long-awaited law that will definitely lay down rules on custody, trading and possibly cryptocurrency mining.
The current situation was clarified by the Minister of Finance Nirmala Sitharaman, who confirmed that she is currently just waiting for the approval of this law by the government, which already has a new law on cryptocurrencies available.
Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that, stated Nirmala Sitharaman
Information on whether this law will be strict and restrictive or rather support the industry cannot be confirmed yet, but according to the BFSI daily the inter-ministerial panel on cryptocurrency under the Chairmanship of Secretary said it recommended banning all cryptocurrencies except those issued by the state of India.