What Finance Minister Said Today On Crypto Concerns: 5 Points

Finance Minister Nirmala Sitharaman told Rajya Sabha today that a new bill on cryptocurrency is in the works and it will be presented before the Union Cabinet soon for approval.

"The risk of cryptocurrency and it going in the wrong hands is being monitored," the Finance Minister told Rajya Sabha today. Her remarks come in the midst of industry anticipation over fresh government regulation. 


"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, the SEBI and the government, she underlined that investors need to remain cautious.


Is the government contemplating banning ads that are misleading till the Crypto bill comes? As former Bihar Finance Minister Sushil Modi asked the question, she said: "There are ad guidelines that are being looked into to take a position on the issue."


Will the centre bring a separate framework on the NFTs (non-fungible token)? "At this point, I won't be able to say if there will be a framework. But all these matters are being discussed," she replied when Sushil Modi raised the question.


On a question about how many people paid income tax on cryptocurrency, the Finance Minister said, "I don't have the information about how much tax has been collected on cryptocurrency."