The country's Finance Minister Nirmala Sitharaman has once again made a big statement regarding cryptocurrencies. Speaking in Parliament on Monday, 18 July, the Finance Minister said that the government wants to ban cryptocurrencies, but for this, it will also need the cooperation of other countries.
The Finance Minister has said that RBI has also been advocating for making strict rules on cryptocurrencies and banning their use. Finance Minister Nirmala Sitharaman, while answering a written question in the Lok Sabha, said that the RBI has termed cryptocurrencies as a threat to the monetary and fiscal stability of the country. It has been recommended by the RBI to make a law for this sector. The country's central bank believes that it should be banned immediately.
In response to a written question in Parliament, the Finance Minister has also said that because of the global nature of the digital currency, cooperation between different countries is necessary to prevent violation of rules in its operation. Any law designed to control it can be effective only if there is a spirit of cooperation at the international level to implement it.
Let us tell you that there have been several indications from the government that it wants to make comprehensive rules and regulations to regulate NFTs, digital currency, or cryptocurrencies. According to sources related to the government, this is being discussed. The government may introduce a bill to regulate cryptocurrencies during the monsoon session. However, at present, this bill has not been mentioned in the list of proposed bills to be introduced in Parliament.
According to media reports, a consultation paper on cryptocurrencies will be brought before it is presented in Parliament. In this, the government's stand on digital currency will be indicated. This paper was prepared in May itself. Hopefully, the government will make it public soon.
Let us tell you that taking a tough stance on cryptocurrencies, RBI is also working on launching its digital currency. Hopefully, this will also be announced this year. RBI Deputy Governor T. Rabi Shankar has said that the central bank can eliminate the need for private cryptocurrencies by introducing digital currency.
Some states have demanded an extension of the GST compensation deadline by five years: Finance Minister
On the other hand, while giving information in the Lok Sabha during the Parliament session on Monday, the Finance Minister said that many states including Telangana have demanded the continuation of compensation to the states under the GST law for another five years.
Let us tell you that under Article 18 of the GST Act 2016, a provision was made to pay compensation for five years to protect the states from loss of revenue when the GST law came into force. At present, its period has expired, but some states are demanding its continuation.
The Finance Minister also gave the reason for the fall in the rupee.
In a written reply in Parliament on Monday, Finance Minister Nirmala Sitharaman also cited the reason for the fall in the rupee against the dollar. The Finance Minister has said that the main reason for the continued fall in the rupee is the ongoing war between Russia and Ukraine and the continued rise in international crude oil prices.
On Monday, the rupee fell to 79.97 per dollar
Let us tell you that on Monday, the Indian rupee started trading at the level of 79.76 with the strength of six paise. But, after that, it started weakening again and at the close of the market, it closed at its all-time low of Rs 79.97 per dollar. The rupee had closed at the level of 79.82 on the previous trading day.
Also Read: Cryptocurrency: Strong boom in the crypto market after stock market, strong rise in bitcoin
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