India to introduce new Crypto Bill in Parliament after Cabinet approval

The government will introduce the new Crypto Bill in Parliament after Cabinet approval, said the Union Finance Minister Nirmala Sitharaman said on November 30.

India to introduce new Crypto Bill in Parliament after Cabinet approval

Nirmala Sitharaman also said that regulation of NFTs (non-fungible token) is also being discussed by the Centre.

Speaking during Question Hour in Rajya Sabha, the Finance Minister said, "We are close to bringing a bill in parliament. It will be introduced in the house once the cabinet clears the bill." Sitharaman said the new Bill has come up after reworking on the old Bill that could not be tabled in previous sessions of Parliament.

Sitharaman exclaimed that the risk that cryptocurrencies can lead to undesirable activities is also being closely monitored.

"No decision was taken on banning its advertisements. However, steps are taken to create awareness through RBI and SEBI," she added.

On a question about the amount of taxes collected by the government on crypto trades, Sitharaman said, "Don't have ready information about the amount of tax collected on cryptocurrencies."

On November 29, Sitharaman said that there is no proposal to recognize Bitcoin as a currency. The Finance Minister also said in the written response that the government does not collect data on Bitcoin transactions.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing Winter Session of Parliament, seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.

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