The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities, sources said on Monday.
Currently, there are no particular regulations or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
The sources said the proposed bill would focus on investor protection as cryptocurrencies come under a complex asset class category.
Once cleared by the Union Cabinet, the government plans to introduce the bill on cryptocurrencies in the first week of the winter session.
In August, Finance Minister Nirmala Sitharaman said she was awaiting an approval from the Cabinet on the cryptocurrency bill.
