Indian finance minister reveals that the crypto law had to be revised to the cabinet before the submission-regulation
Indian finance minister reveals that the crypto law had to be revised to the cabinet before the submission-regulation
India's finance minister Nirmala Sitharaman has announced that the previous version of the cryptocurrency law to which the government is urging must be revised. "This draft law will come to the House of Representatives as soon as the cabinet has made the decision," the finance minister told Rajya Sabha, the upper house of the Indian Parliament.
Indian government is pressing new crypto law
Finance Minister Nirmala Sitharaman answered a few questions about the government's cryptocurrency plans on Tuesday in Rajya Sabha and the cryptocurrency. rel = "noopener"> listed in the current parliamentary session.
"The Cryptocurrency and Regulation of Official Digital Digital Currency Bill 2021" aims to "prohibit all private cryptocurrencies in India, but allows certain exceptions to promote the underlying technology of cryptocurrency and its use", according to the legislative agenda for the winter session of Lok Sabha, the lower house of Indian Parliament.
Finance Minister Sitharaman said on questions about the crypto law: "There were other dimensions and the old bill had to be revised and now we are trying to work on a new bill." She emphasized:
This draft law will come into the house as soon as the cabinet agrees.
An older version of the cryptocurrency calculation was listed taken up.
Sitharaman found that the previous version of the draft law was a "real attempt" and described:
The previous attempt was definitely to submit a draft law that the house can consider. But later because many things had to come into play quickly, we started working on a new bill. This is the draft law that is now presented.
The current version of the crypto law was not published. So far, the Indian government has only published a crypto law - the one that was designed by an interministerial committee (IMC) under the direction of the former finance minister Subhash Chandra Garg. In July 2019 the draft law of the GARG committee has the creation of a regulation framework for digital central bank currencies (CBDCS), which are to be issued by the central bank, the Reserve Bank of India (RBI), but a ban for all other cryptocurrencies.
The finance minister also answered some questions about wrong and misleading crypto advertising. She explained that there was no decision to hire advertising for digital currencies.
On Monday, the finance minister replied Bitcoin transactions, the top-class Bitcoin fraud in Karnataka and the legality of cryptocurrency trade and crypto exchange in India. She found that the government does not collect any data about Bitcoin transactions or the trade in cryptocurrencies. In addition, she said there was no suggestion to recognize Bitcoin as a currency.
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