Govt to introduce bill on cryptocurrencies soon, Nirmala Sitharaman reveals the plan

New Delhi: Nirmala Sitharaman, the Union Finance Minister, made a detailed briefing on cryptocurrency in Parliament on Tuesday. In the Rajya Sabha today, Sitharaman stated that the government will introduce a bill on cryptocurrencies shortly. Nirmala Sitharaman informed Parliament that cryptocurrency regulation has been thoroughly examined.

During the Rajya Sabha's question hour, Union Finance Minister Nirmala Sitharaman made this important statement. He stated that it is a high-risk industry that is not covered by the complete regulatory system. He also stated that no decision has been made to prohibit its promotion. The RBI and the SEBI have taken steps to raise awareness. The measure will be introduced soon, according to the finance minister. On crypto advertisements, Nirmala Sitharaman stated that there are ASCI here who manage ads. He stated that all of the guidelines are being examined in order to decide what may be done with advertisements.

 

After the law is passed by the cabinet, he promised Parliament that the government would submit it before Parliament soon. It was not brought in the previous time since there were some other issues to investigate. In this situation, things have happened quickly enough. The objective, according to Sitharaman, was to enhance the law. He also stated that he believes the government is on the verge of presenting the measure to Parliament. The previous bill has been revisited. He clarified that the proposed bill is the first of its kind. The government is keeping a careful eye on the hazards of cryptocurrency-related misbehaviour.

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