- Oct 25, 2021
- Reaction score
Indian Government Pushing New Crypto Bill
Finance Minister Nirmala Sitharaman answered some questions in Rajya Sabha Tuesday regarding the government’s cryptocurrency plans and the crypto bill that has been
“The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the legislative agenda for the winter session of Lok Sabha, the lower house of India’s parliament.
Responding to questions regarding the crypto bill, Finance Minister Sitharaman explained that “There were other dimensions and the old bill had to be reworked and now we are trying to work on a new bill.” She emphasized:
This bill, once the Cabinet clears, will come into the House.
An older version of the cryptocurrency bill was listed
Noting that the previous version of the bill was a “genuine attempt,” Sitharaman described:
The earlier attempt was definitely to come up with a bill that the House can consider. But, later, because rapidly a lot of things had to come into play, we had started working on a new bill. This is the bill that is now being proposed.
The current version of the crypto bill has not been made public. So far, the Indian government has published only one crypto bill — the one drafted by an interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg.
The finance minister also answered some questions about false and misleading crypto advertisements. She stated that there is no decision to stop digital currency advertisements.
On Monday, the finance minister
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