Crypto Bill 2021: Amidst the apprehensions of banning cryptocurrency, Finance Minister Nirmala Sitharaman said many important things about it in the Rajya Sabha on Tuesday. During the Question Hour in the Rajya Sabha, Sitharaman said that the government is working on a new bill and the bill is awaiting approval from the cabinet. Here we have given a brief description of everything the Finance Minister said in the Parliament regarding Cryptocurrencies.
Question – What is the government’s plan to stop crypto ads?
Nirmala Sitharaman – Currently there is no solution to ban crypto ads, but certainly to make people aware of the risks involved, the government is taking steps through SEBI and RBI. They could have done a lot more about this (in raising awareness) but now the bill will come soon.
The question of banning crypto ads was raised by senior BJP leader and Rajya Sabha MP Sushil Kumar Modi. He later said, “During the recent Cricket World Cup, more than Rs 50 crores were spent by crypto exchanges in advertisements without any disclaimer. These advertisements are misleading and can cause huge losses.”
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Modi also said during this that the crypto bill was also listed during the budget session, but it could not be introduced.
Nirmala Sitharaman – The bill was proposed last time, but later there were some other dimensions in it, which we considered important to add to the bill. That bill has been reworked and now it is coming as a new bill. So, the intention was to either rectify that bill or come up with a bill that is far more updated. After the bill is passed by the cabinet, it will come in the house. Regarding banning misleading advertisements and advertisements, the guidelines of the Advertising Standards Council of India are being studied.
Question – With the increase in crypto transactions, what is the government’s plan to deal with the risks of money laundering and scams?
Nirmala Sitharaman – These are the matters which are being monitored thoroughly by the institutions, enforcement authorities etc. on a regular basis. These are matters which are discussed at different levels.
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Question – Will there be a separate legal framework for Non Fungible Token (NFT)? How many people have paid income tax on crypto income and how much tax is collected?
Nirmala Sitharaman- I do not have complete information about how much tax is charged or paid on crypto. For NFTs, at this point of time I cannot say whether there will be a separate framework or not, but certainly, all these matters are being discussed.
Question – What is the government doing to make people aware of the risks associated with crypto investments?
Nirmala Sitharaman Till the bill comes, statements have been issued by the government, SEBI and RBI (on the risks involved) and it is being asked to make people aware that this is a risky area and people should be aware about it. An awareness or ‘alert’ has been issued to make people very alert. That much has been done.
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