New Delhi, Nov 30, : .
The government announced Tuesday that a Bill on Cryptocurrency Regulation and Official Digital Currency would be introduced in Lok Sabha.
It stated that the Bill will address the question of monitoring cryptocurrency transactions or regulating themAside from that, cryptocurrencies are not regulated in India.The Rajya Sabha answered a question about data collection by the government on transactions in crypto currency.
Finance Minister Nirmala Sitharaman and MoS Finance Bhagwat Karad answered the additional questions in person.They also assured that the Bill that will be presented soon will address all concerns that the Members had.Swapan Das Gupta questioned whether an outright ban would be a good idea or if it would be better to regulate it.We dont know how well the crypto currencies will move in the future, as it is still very much a work in progress.He suggested that this be done because it is better to influence the direction of the crypto currency through regulations, as has been done in several countries, Germany being the most notable.Former RBI chief economist Dr.Narendra Jadhav talked about misleading advertisements regarding big profits from investing in private crypto currencies like Bitcoins.The younger generation is finding it increasingly tempting.
He also mentioned that private cryptocurrency currencies can be used for money laundering and terror financing, as well as drug trafficking "Is there any government plan to raise awareness about the negative effects of private crypto currencies while the bill is being passed?" Neeraj Shekhar, BJP MP, wanted to know if the government was trying to tell Indians that this is not a good investment option and that they could lose their money.Sitharaman stated that Bill is a reality and that attempts have been made through SEBI and RBI to warn people about the dangers involved.
This area is not yet covered by a complete regulatory framework.She said, "Alert, awareness is raised, maybe we are able to do more.
" Biju Janata Dals Amar Patnaik pointed out that the Inter-Minister Committee was established on November 2, 2017.It submitted its report in February 2019.
He stated that "the context and the growth in crypto currency occurred over the past three years, which is approximately 10 times so this reports relevancy may not be there." Sitharaman stated that the issues surrounding regulatory capacity and its proliferating nature over the past two-three years are well understood and that "I can only say that we have had extensive conversations.
" Both referred to a report by the government that was done through a research company on "Virtual Currencies" in July 2017.The government then created an Inter-ministerial Committee, (IMC), on November 2, 2017, under the Chairmanship Secretary (Economic affairs), to examine the issues surrounding Virtual Currencies.
It also proposed specific actions to be taken in this area.In February 2019, the Committee submitted its report and recommended that all private cryptocurrency currencies be banned in India.
It also recommended that India should be open to the possibility of introducing a digital currency.She also stated that although there is no plan for advertising (promoting crypto currencies) to be stopped at the moment, we are taking steps in order to warn the children about the potential dangers "The Advertisements Council of India is dealing with the issues.
The guidelines and regulations are being reviewed so that, if necessary, a decision can be made on how to handle it." The Finance Minister stated that the Bill would be presented soon without mentioning any time frame.Please, I will not go beyond that.niv/pgh #Sitharaman #dispel #fears #cryptocurrency #Delhi.
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