Crypto may be regulated not banned, FM Nirmala Sitharaman shares a big update
Since the announcement of the introduction of the crypto bill, reports suggested that the Indian government will consider banning crypto in the country. The latest update from Sitharaman suggests otherwise.
Finance Minister Nirmala Sitharaman shares a big update on the upcoming cryptocurrency bill in India earlier on Tuesday. At Rajya Sabha, Sitharaman rubbished rumours around the crypto ban in India.
Since the announcement around the introduction of the crypto bill, reports suggested that the Indian government will consider banning crypto in the country. The latest update from Sitharaman suggests otherwise.
The key objective behind the upcoming bill is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”
Crypto ban: Regulation to come in place
FM highlighted that the Indian government will come up with a new bill on cryptocurrency much sooner than expected. She said that the bill will be introduced once the cabinet clears. She further revealed that the previous bill has been reworked.
Sitharaman said that the government has not taken a call on banning advertisements by crypto exchanges for now. The final decision will be taken once the bill is introduced in the days to come. FM also warned people investing in crypto. She said that people should be careful while investing in cryptocurrency.
“Government has started an awareness campaign to alert people but I agree more can be done to sensitize the public. Risk that cryptocurrencies can lead to undesirable activities is being closely monitored. It is being discussed at various levels,” she said.
Meanwhile, reports suggest that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will impose a ban on all private cryptocurrencies in India. Several reports also suggest that the Indian government might consider bringing an official digital currency, which is to be issued by the Reserve Bank of India (RBI).
In this case, the definition of private cryptocurrencies has not been revealed yet. However, some reports suggest that all top cryptos such as Bitcoin, Ether, and several others will continue to be in use. We must wait