Cryptocurrency Bill To Be Revised In India Says Finance Minister

OVERVIEW

  • According to Finance Minister Nirmala Sitharaman, digital assests will be monitored.
  • Central decided to regulate cryptocurrencies rather than baning it.
  • The RBI proposed a Central Bank Digital Currency proposal (CBDC).

During the current Winter Session, the government will introduce the long-awaited ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ in Parliament. The bill could be introduced within the next few days.

The possibility of cryptocurrencies falling into the wrong hands, according to Finance Minister Nirmala Sitharaman, is being monitored.

The Minister also noted that no decision has been made to prohibit the advertising of digital currencies.

The possibility of cryptocurrencies falling into the wrong hands, according to Finance Minister Nirmala Sitharaman, is being monitored.

NO DECISIONS YET TO BAN CRYPTOCURRENCY

The Minister also noted that no decision has been made to prohibit the advertising of digital currencies.

Ms. Sitharaman also stated that “let’s wait for the Bill” after comprehensive deliberations on the regulatory capability of cryptocurrencies.

“There were additional dimensions, and the old Bill had to be updated,” she explained, adding, “and now we’re trying to work on a new Bill.”

“This Bill, if the Cabinet clears it, will come into the house,” Ms Sitharaman said in response to a series of queries in the Rajya Sabha.

A similar Bill was proposed by the government during the last Parliament session (monsoon), but it was not taken up.

Youtuber and Entrepreneur Sapna Singh wrote on Twitter regarding the new bill that, “No ban but regulation will come up”.

“The goal of the last endeavour was to draught a bill that the House could consider. But, because a lot of things had to happen quickly, we had to start working on a new Bill.

“This is the Bill that is currently being submitted,” she added, adding that a “real attempt” had been made “even if it means bringing the bill up during the monsoon session In addition, the minister stated that cryptocurrencies are uncontrolled in India and that the government does not gather data on cryptocurrency transactions.

Ms Sitharaman also stated that the government, RBI, and Sebi have been warning people about cryptocurrencies, which she described as a “high risk” field in which “more may be done.”

Crypto investor will have to pay a tax amount on their crypto holding after the implementation of the crypto bill in India, says Sitharaman.

RBI TO LAUNCH CENTRAL REGULATED CBDC

On Monday, Ms Sitharaman stated that the Centre has no plans to recognise Bitcoin as a currency in India. She also stated that the government does not gather information regarding Bitcoin transactions.

The government had received a request from the Reserve Bank of India (RBI) to include digital currency in the definition of a “bank note.”

The RBI proposed a Central Bank Digital Currency proposal in October (CBDC).

CBDCs (digital or virtual currency) are the digital equivalents of fiat currencies such as the rupee in India.

Meanwhile, the Reserve Bank of India has expressed concern about cryptocurrencies being a threat to macroeconomic and financial stability.

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