Govt needs to clear up confusion surrounding cryptocurrencies

It is time the fintech community should be summoned to put forward their ideas and a comprehensive solution be arrived at without compromising the interests of the State

The message sent out by the Government during the Budget on ensuring that cryptocurrencies was not to be used for illegal purposes, led to speculation that legislation regarding the same would be introduced soon. So, when it was announced on February 20 that the Union Cabinet had got clearance to introduce the ‘Banning of Unregulated Deposit Schemes Bill 2018’ (Bill) in Parliament, the industry went into overdrive and panic spread amongst the cryptocurrency players that doomsday was finally here.

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