Cryptocurrency Bill Coming Soon, Govt has no Plan to Boost Cryptos: FM Sitharaman


Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Monday said that government has no plans to boost the cryptocurrencies in India.

  • Last Updated:December 06, 2021, 14:08 IST
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Finance minister Nirmala Sitharaman on Monday said that government has no plans to boost the cryptocurrencies in India. Answering to questions in the Parliament, Sitharaman said, Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will likely to be taken up during the seventh session of Winter Session. Crypto bill will be introduced in Parliament after Cabinet approval, she mentioned earlier. The government has held extensive consultations on the legal framework for cryptocurrencies in India.

“This is a risky area and not in a complete regulatory framework. We are not considering a ban on the advertisements, but we’ve been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into, so that we can take a decision on how to handle it, if necessary,” said Sitharaman in Rajya Sabha earlier.

Last week, finance minister said regulating cryptocurrency requires collective effort as the technology is constantly evolving and changing.

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