Cryptocurrency in India: Nirmala Sitharaman
What will be the future of cryptocurrencies in India, Finance Minister Nirmala Sitharaman said-
Cryptocurrency in India
The trend of Cryptocurrency is increasing in India. People are investing their money in this, but what will be the future of cryptocurrencies in India. Not much is clear about this, but it is certain that the government is not in favor of it. Finance Minister Nirmala Sitharaman has given a statement regarding cryptocurrencies. His statement comes amidst preparations for the exchange of cryptocurrencies by the government.
Sithharaman said that there is a lot of speculation going on cryptocurrencies and these speculations are not a good thing. A well- thought-out Bill on Cryptocurrencies is definitely going to come to Parliament after Cabinet nod.
Responding to a question, the Finance Minister said, “There is a lot of speculation going on… this is not quite right.”
The Regulation of Cryptocurrencies and Official Digital Currency Bill,
2021 has been included in the Bulletin-Part II of the Lok Sabha. It will be introduced in the winter
session itself. This pertains to the creation of a facilitative framework for
an official digital currency to be issued by the Reserve Bank of India, the value
of the rupee against the dollar.
However, it allows some exceptions for the promotion and use of the underlying technology in cryptocurrencies. Earlier this week in the Rajya Sabha, Sitharaman had said that the new bill will take care of the changes coming in the field of virtual currency and will also include those things in the old bill which could not be taken up earlier.
When asked whether the government proposes to ban misleading advertisements in the media, he said that the guidelines of the Advertising Standards Council of India (ASCI) are being studied and their regulation is also being studied and their regulation is also being looked into, so that we If needed, take some kind of stand or take any decision. He said that the government and the Reserve Bank are warning people against cryptocurrencies. This is a very high risk area.