India’s government is set to unveil its stance on cryptocurrency regulations next week, according to Bharthari Mahtab, chairman of the Parliament’s Standing Committee on Finance. This forthcoming response will initiate the process for the committee to draft and submit a formal report concerning virtual digital assets.
A Year of Discussion and Evaluation
Since September 2025, Mahtab indicated, the committee’s exploration of virtual assets has engaged multiple stakeholders, including the Reserve Bank of India and the Central Board of Direct Taxes, as well as other involved entities. This has prioritized discussions surrounding the legal and regulatory framework that governs digital currencies.
Recently, a comprehensive discussion summarized the findings and deliberations spanning the past year. However, Mahtab noted that the committee has yet to reach a consensus on a clear position regarding cryptocurrency policies. He articulated a central challenge: the government remains hesitant to embrace or effectively regulate virtual assets, leading to a regulatory void that could foster misuse.
Concerns Over Unified Payments Interface (UPI)
Although discussions about the Unified Payments Interface (UPI) were informally addressed during the session, they were not included in the official agenda. Mahtab confirmed that these concerns would be discussed in a forthcoming committee that is set to convene in October.
What Lies Ahead
The current session is a continuation of the Standing Committee’s efforts to procure oral evidence directly related to crypto policy from the Finance Ministry. With the government’s anticipated formal response next week, the committee’s final report will likely clarify Indian lawmakers’ perspectives on the regulation, limitation, or permissiveness regarding the current uncertain legal status of virtual digital assets.
