Big Breaking – FM Crypto Regulation Very Soon. Cryptocurrency Regulation Bill Updates. NO CRYPTO BAN
I guess the second person would be fool proof, but will that be very effective? The question here is: cryptocurrency is extremely popular with youngsters. Today they have a and theyve been very unnerved by these latest speculation over it. The question which i want to ask is: will an outright ban be desirable? Itd be far better to regulate it, because we dont know how the cryptocurrency is its still very much work in progress and therefore will it be better to influence the course of the cryptocurrency development by being within the system through a process of regulation? Will it be a regulation, nor will it be a prohibition indicating that a prohibition may not be prohibition, joy that and also indicating that this whole area is a dynamic area and so on so uh any answer. I would give now will preempt the discussion which im sure sopanji will also participate uh when the treasury benches, when the government comes with the bill, with all its nuances and the discussion, there are misleading advertisements regarding the potential of making uh big profits by investing in Private cryptocurrencies, like bitcoin younger generation, is there increasingly finding them more and more tempting sir private cryptocurrencies are being used for money laundering, derivative financing and even drug trafficking pending the passage of the bill which is expected to ban private currencies. Private cryptocurrencies, my supplementary question, is: is there any plan on the from the government to create awareness about the ill effects of cryptocurrent private cryptocurrencies out there, because uh, unless we create awareness, whatever happens to the bill, will be seen that that will happen in future.
But in the intervention, given the fact that younger generation is being persuaded by the ads, i think there should be a campaign on part of the government to explain the ill effects of cryptocurrencies. There will be a bill on cryptocurrencies regulation of official digital currency for introduction. In lobsawin, as honorable finance minister said, we should wait for the bill, but the fact is that the report, which has been mentioned in the answer this inter ministerial committee, was set up on 2nd november 2017.. It gave gave its report in february 2019, the context and the growth of cryptocurrency took place actually in the last three years, which has increased about 10 times. So this reports relevance may not be there as much the question of banning whether to ban or not to ban what kind of asset class of cryptocurrency to be banned. I will wait for the bill, even if you want to ban the regulatory capacity, should be there to observe that particular to monitor that ban. What are we doing to improve the regulatory capacity of rbi or sebi for different kind of private or government cbdcs? The issues pertaining to regulatory capacities and also the fact that it is proliferated in the last two three years, a well taken note of – and i can only go that far to say, weve – had extensive discussions on this. So i would request the honourable member to kind of wait to see what is going in the bill.
Thank you, foreign foreign, through the rbi and through once i think, uh government of india. There have been statements issued and also a fairly awareness building. Attempt has been made to say that this is a risky area and people who are going in there be conscious as to what youre doing and also said that this is an area yet not in complete regulatory framework. Im sure the host remembers that when uh nearly two years ago, two and a half years ago, when reserve bank of india attempted to regulate this, it was through the supreme court. The matter was highlighted that, in the absence of a clear cut, policy, regulation by rbi also may not be proper. So that drove the attempt to have a group and then the inter ministerial group worked into it and then the policy came up and policy was not issued out, but we are now bringing a bill, and so foreign awareness issue or alert if i can use the Word has been issued so that people are very cautioned that this may be a high risk area to go in that much has been done. Maybe more can be done on that area. I concede for under remember neeraj shakers concern, but thats the point, so we are doing those little things, but then the bill is what is being keenly looked for. Thank you, man, you, foreign and the explosion of crypto uh transactions. It is inevitable that scams plots and as honourable members, other great money laundering also is going to happen in a massive way.
I suspect, sir anti national forces might also try to use these platforms to hurt the indian economy and possibly destabilize the indian economy. So is the government aware of any such move by international forces and if, yes, what is it planning to do? Thank you, sir uh. The risk that this can lead to some kind of uh. You know illegal transfers to not so desirable activities are matters which are well in the regular course also in the last four months, there are a flurry of misleading ad on tv print, media and and the social media, and they are promising heaven to the investors and During this world cup 2020 world cup, more than 50 crore was spent by the crypto exchange advertisements. English newspapers number one number two that because these ads are without any disclaimer, so are you going to is government of india thinking of banning such advertisements, which are misleading india contemplating to ban such misleading advertisements till the bill comes to this house because nobody knows this Bill will come or not come on last time also it was mentioned in the bulletin, but it was, but it could not come into the house, which is either we improved, that bin intent of getting that bill at that time. Was there genuine intent, and now we are coming up with a new bill so its not as if the last time we just put it there, didnt want to come with one so leading to a suspicion was definitely to come up with a bill which 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 and this is the bill which is now being proposed, and this bin is once the cabinet clears it. It will come here into the house. That is one thing and second about the misleading advertisements and about are we banning them? I want to inform the honorable member whos been a finance minister earlier in bihar. Ive also been in very. There are with the advertisement standards council of india, the asci which governs on advertising, their guidelines are being studied and the regulations that they have are all being looked into so that we can take if necessary. Thank you, but the government is seeking to make a separate legal framework for nft. So i would like to know how many people and how much tax has been collected. So i dont have the ready information on how much on cryptocurrency or how much has been paid on it and as regards the nft, the non fungible ones, uh uh honorable member desires, having a separate legal framework. At this moment i may not be able to say whether i will give a separate framework or not, but certainly, as i said, all these matters are being discussed, but, of course, foreign foreign by telangana, state election commission or just create blockchain technological use. Together, the government has taken note of use of blockchain technology involved methods for conducting elections in foreign countries. If so, the details of the amendments made by the government to the companies at 2013 wide notification dated 24th march 2021 and b, whether these amendments pertain to cryptocurrency transactions and have foreign sector in india, along with details of when substitution, the details of how big economically The cryptocurrency market is and how much employment has been generated in this sector to regulate the market, reassessing the mode of working involved in the cryptocurrency question number one: three, five seven you have to have.
It is related again to uh, cryptocurrency and bitcoins.