FM Nirmala Sitharaman's stand on banning cryptocurrency in the country is strict. Finance Minister Nirmala Sitharaman said on Tuesday that a bill on cryptocurrencies will be introduced in Parliament after the approval of the Union Cabinet. The minister also said that regulation of non-fungible tokens (NFTs) is also being considered. The government will soon bring a bill after the approval of the cabinet. It was not brought up last time as other aspects were yet to be looked into. Many things like Cryptocurrency had come into play. Sitharaman said during the Question Hour in the Rajya Sabha that the intention is to amend the bill.
Regarding advertisements on Cryptocurrency, he said that no decision has been taken yet on banning advertisements. ASCI regulates the advertisement and prepares the guidelines. All its rules are being looked at so that we can see what can be done on ads.
Earlier on Monday, the minister said that there is no proposal to recognize bitcoin as a currency. Furthermore, he added that the government does not collect data on bitcoin transactions. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing winter session of Parliament, seeks to ban all private cryptocurrencies in India. However, it allows for some exceptions to the underlying technology of cryptocurrencies and the promotion of its use.
The government told the Lok Sabha on Monday that cryptocurrency is unregulated in India and it does not collect information about its trade. Minister of State for Finance Pankaj Choudhary in Lok Sabha said that the Reserve Bank of India has advised its regulated entities vide circular dated 31 May 2021 to adopt Know Your Customer, anti-money laundering measures, combating the financing of terrorism and money laundering. Maintain proper procedures for cryptocurrency transactions following the rules governing standards of obligations under the Prevention of Act 2002 etc.
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