No decision on banning private cryptocurrency ads: Sitharaman

New Delhi, Dt
Despite the central government considering banning private cryptocurrencies in the country and introducing its own digital currency, the government has not yet decided to ban advertisements for cryptocurrency exchanges that are enticing people to invest in cryptocurrency exchanges and get higher returns, said Union Finance Minister Nirmala. Was.
Union Finance Minister Nirmala Sitaram on Tuesday said the Union government was working on a new bill on cryptocurrency. The bill will be introduced in Parliament after Cabinet approval. As the government prepares to crack down on cryptocurrencies, the question arises as to whether lucrative advertising advertisements should be banned, but Finance Minister Nirmala Sitaram has so far ruled out any such possibility.
Replying to a question in the Rajya Sabha, Sitaram said that work on the bill has been resumed. Control over non-fungi tokens (NFT) is also being considered. We have now brought this bill. It could not be introduced last time, as there were some other aspects that needed attention. Many things like cryptocurrency came into circulation. The bill will be introduced in Parliament once it is approved by the Cabinet.
In the Rajya Sabha, the Union Finance Minister said that the new bill would be presented to the Cabinet soon. The current winter season ends on December 9. The Cryptocurrency and Regulation of Official Digital Currency (CRODC) Bill, 2021 has been included in the Lok Sabha Bulletin Part-2 for presentation in the winter session.
Last week, there was talk that the government would bring a bill in parliament to ban cryptocurrency altogether. But the government later clarified that it had no plans to ban cryptocurrency altogether. The restrictions on it will end. The cryptocurrency bill to be introduced in the Lok Sabha also called for banning all private cryptocurrencies. However, the government later clarified that cryptocurrency would not be given legal tender status in any way.
Regarding the ban on cryptocurrency advertisements, Union Finance Minister Nirmala Sitaram said, "This is a risky area." At present no decision has been taken to ban such advertisements. Steps have been taken by RBI and SEBI to spread awareness about cryptocurrency. The government will soon come up with a bill in this regard. He added that the guidelines and regulation of the Advertising Standards Council of India were being studied as far as misleading advertisements were concerned.