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Govt introduces new Crypto bill in RS after Cabinet approval, key points

By Saima Siddiqui 
Updated Date

New Delhi: As the centre on Tuesday introduced the new Crypto Bill in Parliament after Cabinet approval, Finance Minister Nirmala Sitharaman told Rajya Sabha that a new bill on cryptocurrency is in the works and it will be presented before the Union Cabinet soon for approval.

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The Finance Minister also said that regulation of NFTs (non-fungible token) is also being discussed by the Centre.

Speaking during Question Hour in Rajya Sabha, the Finance Minister said, “We are close to bringing a bill in parliament.. It will be introduced in the house once cabinet clears the bill.” Sitharaman said the new Bill has come up after reworking on the old Bill that could not be tabled in previous sessions of Parliament.

Here are highlights on cryptocurrency bill amid concern over risk involved:

-“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.

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-“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.”

To note, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing Winter Session of Parliament, seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.

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