What the finance minister said today about crypto issues: 5 points

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Nirmala Sitharaman briefed parliament today amid crypto concerns. (To file)

New Delhi: Finance Minister Nirmala Sitharaman told Rajya Sabha today that a new cryptocurrency bill is in the works and will soon be presented to the Union Cabinet for approval. Here are the top five quotes from Nirmala Sitharaman amid cryptocurrency concerns:

“The risk of cryptocurrency falling into the wrong hands is being watched,” the finance minister told Rajya Sabha today. His remarks come as the industry expects new government regulations.

“There were other dimensions and the bill had to be reworked and now we are trying to work on a new bill,” she said today. Citing statements from the RBI, SEBI and the government, she stressed that investors must remain cautious.

Is the government considering banning deceptive ads until the Crypto Bill arrives? As former Bihar finance minister Sushil Modi posed the question, she said: “There are publicity guidelines that are being considered to take a position on the issue.”

Will the center bring a separate framework on NFTs (non-fungible token)? “At this point, I won’t be able to say if there will be a framework. But all of these issues are being discussed,” she replied when Sushil Modi raised the issue.

When asked about the number of people who have paid income taxes on cryptocurrency, the Minister of Finance said: “I have no information on the amount of taxes collected on cryptocurrency” .

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