{"id":14882,"date":"2021-12-01T16:54:05","date_gmt":"2021-12-01T16:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-finance-minister-reveals-crypto-bill-had-to-be-reworked-before-submitting-to-cabinet\/"},"modified":"2021-12-01T16:54:05","modified_gmt":"2021-12-01T16:54:05","slug":"indian-finance-minister-reveals-crypto-bill-had-to-be-reworked-before-submitting-to-cabinet","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-finance-minister-reveals-crypto-bill-had-to-be-reworked-before-submitting-to-cabinet\/","title":{"rendered":"Indian Finance Minister Reveals Crypto Bill Had to Be Reworked Before Submitting to Cabinet"},"content":{"rendered":"

India\u2019s finance minister, Nirmala Sitharaman, has revealed that the previous version of the cryptocurrency bill the government is pushing needed to be reworked. \u201cThis bill, once the Cabinet clears, will come into the House,\u201d the finance minister told Rajya Sabha, the upper house of India\u2019s parliament.<\/strong><\/p>\n

Indian Government Pushing New Crypto Bill<\/h2>\n

Finance Minister Nirmala Sitharaman answered some questions in Rajya Sabha Tuesday regarding the government\u2019s cryptocurrency plans and the crypto bill that has been listed<\/a> to be taken up in the current session of parliament.<\/p>\n

\u201cThe Cryptocurrency and Regulation of Official Digital Currency Bill 2021\u201d seeks \u201cto prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,\u201d according to the legislative agenda for the winter session of Lok Sabha, the lower house of India\u2019s parliament.<\/p>\n

Responding to questions regarding the crypto bill, Finance Minister Sitharaman explained that \u201cThere were other dimensions and the old bill had to be reworked and now we are trying to work on a new bill.\u201d She emphasized:<\/p>\n

This bill, once the Cabinet clears, will come into the House.<\/p>\n

An older version of the cryptocurrency bill was listed to be introduced<\/a> in an earlier session of parliament but it was not taken up.<\/p>\n

Noting that the previous version of the bill was a \u201cgenuine attempt,\u201d Sitharaman described:<\/p>\n

The earlier attempt was definitely to come up with a bill that the House can consider. But, later, because rapidly a lot of things had to come into play, we had started working on a new bill. This is the bill that is now being proposed.<\/p>\n

The current version of the crypto bill has not been made public. So far, the Indian government has published only one crypto bill \u2014 the one drafted by an interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg. Published<\/a> in July 2019, the Garg committee\u2019s bill proposes creating a regulatory framework for central bank digital currencies (CBDCs) to be issued by the central bank, the Reserve Bank of India (RBI), but a ban for all other cryptocurrencies.<\/p>\n

The finance minister also answered some questions about false and misleading crypto advertisements. She stated that there is no decision to stop digital currency advertisements.<\/p>\n

On Monday, the finance minister answered<\/a> three sets of questions in Lok Sabha regarding bitcoin transactions, the high-profile bitcoin scam in Karnataka, and the legality of cryptocurrency trading and crypto exchanges in India. She noted that the government does not collect data on bitcoin transactions or cryptocurrency trading. In addition, she said there is no proposal to recognize bitcoin as a currency.<\/p>\n

Do you think India will ban cryptocurrencies like bitcoin and ether? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, crypto ads, crypto advertisement, cryptocurrency bill, Finance Minister, India, india crypto regulation, indian crypto bill, indian crypto regulation, indian parliament, lok sabha, Nirmala Sitharaman, rajya sabha<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s finance minister, Nirmala Sitharaman, has revealed that the previous version of the cryptocurrency bill the government is pushing needed to be reworked. \u201cThis bill, once the Cabinet clears, will come into the House,\u201d the finance minister told Rajya Sabha, the upper house of India\u2019s parliament. Indian Government Pushing New Crypto Bill Finance Minister Nirmala…<\/p>\n","protected":false},"author":0,"featured_media":14883,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14882"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14882"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14883"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}