The Government will soon bring a bill on crypto currencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday.
Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal framework to directlyregulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.
"The existing laws are inadequate to deal with the subject," he said.
The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies.
There was also a meeting of the Empowered Technology Group.