Nirmala Sitharaman: Law on cryptocurrency soon

Tribune News Service

New Delhi, November 30

The government will soon bring in a law on cryptocurrency, Union Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Tuesday.

“This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are being taken to create awareness through the RBI and SEBI. The government will soon introduce a Bill,” the Union Finance Minister said during question hour, a day after she said in the Lok Sabha that there was no proposal to recognise Bitcoin as a currency in the country. The minister said queries by members relating to regulating Non-fungible Tokens (NFTs) and taxes collected on the ongoing crypto trade would be answered when the government comes around to tabling the Bill. “That discussion would be held,” she assured the members.

The government has already announced plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing winter session. It seeks to ban all but a few cryptocurrencies to promote underlying technologies while allowing an official digital currency by the RBI, said a government statement earlier.

Government watchful

The government is being careful so as to ensure that cryptocurrencies do not lead to undesirable activities. — Nirmala Sitharaman, Finance Minister