Center to introduce new crypto bill to parliament after Cabinet approval: FM Sitharaman

[ad_1]

Union Finance Minister Nirmala Sitharaman said today that the Center will present a cryptocurrency bill to Parliament after Cabinet approval. The current bill is a new crypto bill, which will be introduced to parliament after the Cabinet nod, Sitharaman said.

Responding to a cryptocurrency-related question to Rajya Sabha, FM Sitharaman said, “This is a risky area and not in a full regulatory framework. No decision has been taken on banning his opinions. Steps are being taken to raise awareness through RBI and SEBI. The government will soon introduce a bill.

The finance minister also said there was no decision to stop advertising on digital currencies. She added that there had been lengthy discussions about the regulatory capacity of cryptocurrencies and “let’s wait for the bill.”

“There were other dimensions and the old bill had to be reworked and now we are trying to work on a new bill,” FM said.

Earlier Monday, FM Sitharaman said the government had no proposal to recognize Bitcoin as a currency in the country.

She also informed the House that the government does not collect data on Bitcoin transactions.

Responding to a question on whether the Center has a proposal to recognize Bitcoin as a currency in the country, the FM replied: “No sir”.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers, or other third parties.

It was introduced in 2008 by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system.

It would be the first decentralized digital currency where peer-to-peer transactions take place without any intermediary.

The Center plans to present the Cryptocurrency and Official Digital Currency Regulation Bill 2021 during the winter session of Parliament which began on Monday.

The bill seeks to ban all private cryptocurrencies but allows certain exceptions to promote underlying technologies, while still allowing official digital currency through RBI.

Subscribe to mint newsletters

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now !!

[ad_2]