BENGALURU: India's Prime Minister Narendra Modi will take a final decision on the regulatory framework for cryptocurrencies, amid conflicting views, financial newspaper the Economic Times reported on Friday.

The draft bill for cryptocurrencies has been finalised by the finance ministry but certain sections of the government felt more detailed discussions might be required, according to the report citing two persons familiar with the development.

The officials are likely to meet later in the day to form a final consensus on the Bill, the report added.

The bill is expected to be tabled in the current session of the parliament.

The finance ministry didn't immediately respond to Reuters' request for a comment.

Proposed India bill banning crypto payments could mean jail for violations

Earlier this week, Reuters reported that the proposed legislation to ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant.

This article was first published in Business Recorder on Dec 9, 2021.