India’s government is set to reveal its stance on cryptocurrency policy next week. Following this announcement, the Finance Committee of Parliament will prepare and submit its official report, as stated by committee chairman Bharthari Mahtab on Monday.
### A Year of Deliberations
Mahtab shared with reporters in Delhi that discussions about virtual digital currencies began in September 2025. Since that time, the committee has engaged in a series of meetings with key organizations including the Reserve Bank of India and the Central Board of Direct Taxes, among others involved with virtual assets.
During a recent session, the committee reviewed its discussions over the past year. Although they have gathered significant information, Mahtab noted that they have not reached a collective decision. He highlighted a major issue: the government does not officially accept virtual digital assets and has not implemented regulations for them. This absence of regulation has led to potential misuse in the sector. Mahtab stated, “Not regulating it is also leaving greater scope for different types of indulgences.”
### Concerns About UPI
Additionally, Mahtab mentioned that concerns surrounding the Unified Payments Interface (UPI), which facilitates digital transactions in India, were brought up informally during discussions. However, this topic was not officially addressed in the recent meeting. He indicated that a new committee, which is expected to be established in October, will likely explore this issue further.
### What Lies Ahead
This recent session is part of the Standing Committee’s ongoing initiative to collect firsthand evidence from the Finance Ministry regarding cryptocurrency policy. With the government’s formal response anticipated next week, the committee’s upcoming report could provide a clearer picture of Indian lawmakers’ views on the future of regulating or leaving virtual digital assets in their uncertain legal position.
