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Earlier Cryptocurrency Bill Reworked, New Bill To Be Tabled On Cabinet Approval Says FM
In the upper house of the parliament today (November 30, 2021), Finance Minister Nirmala Sitharaman said that the centre shall be introducing a new cryptocurency bill and the same shall be tabled as and when the cabinet approves it. "The previous bill has been reworked," she adds.
Alerting those with interest in cryptocurrency investments, the finance minister said "Government has started an awareness campaign to alert people but I agree more can be done to sensitize the public. Risk that cryptocurrencies can lead to undesirable activities is being closely monitored. It is being discussed at various levels". Also she added that the centre as of now has not taken a decision on restricting crypto exchanges' ads.
"This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advisements. Steps are taken to create awareness through RBI and SEBI. Govt will soon introduce a bill," Union finance minister Nirmala Sitharaman said during Question Hour in Rajya Sabha.
As previously indicated the new Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will in all likelihood ban all of the private cryptocurrencies in India and result in the launch of a formal digital token to be unveiled by the RBI. Though the terminology referring to private cryptocurrencies has not been cleared by the centre, it is believed that flagship and top cryptocurrencies such as Bitcoin, Ether and several others that operate on a public ledger may not fall under the ban.
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