Finally a tune 15 million crypto investors in the country can sing to. Finance Minister Nirmala Sitharaman said the regulation note on cryptocurrency is ready and now awaiting a clearance from the cabinet.
Also watch: WazirX's Nischal Shetty on what the crypto industry expects from the finance minister
The inter-ministerial panel on cryptocurrency under the Chairmanship of Secretary (Economic Affairs) was set up to study the issues related to virtual currencies and propose specific actions has already submitted its report.
The ever growing blockchain industry is awaiting clarity on taxation and reporting norms for those trading in the booming crypto market. Indians have parked nearly $6.6 billion (Rs 49,189 crore) in cryptocurrencies as per last available data.
The industry pioneers however have been very careful in choosing the path of acceptance as being recognised as a currency would mean a higher level of scrutiny and a possible shutdown. However to be identified as a commodity or store of value is what most are hoping for as it would place the digital tokens under the supervision of a market regulator and not the central banker who had asked for a complete shutdown in 2018.