Nirmala Sitharaman: Why is Cryptocurrency review need of the hour...?


As indian retail cryptocurrency investors have been on fire over the crypto bill for the past week, Union Finance minister Nirmala Sitharaman today announced some important decisions in Parliament.

Regulation of cryptocurrency

We are in the process of drafting a new bill to regulate cryptocurrency in India. 


Union Finance minister Nirmala Sitharaman told that we have now determined to enlist a new bill in rajya sabha as there is a need to examine the current bill from a different perspective.


Advice

Union Finance minister Nirmala Sitharaman told the rajya sabha that there was a need for a large-scale consultation on the regulation of cryptocurrency and that the new bill would have to wait.

Private cryptocurrency ban

It is noteworthy that the bill also announced the intention to ban private cryptocurrency.


The new bill is coming

 In this context, we are in the process of drafting a new bill and submitting it to Parliament, Union Finance minister Nirmala Sitharaman told the Rajya Sabha.


Cryptocurrency advertising ban

Nirmala Sitharaman said that steps are being taken to create awareness among the people through the Reserve bank and SEBI. 


It is noteworthy that the federal government is already monitoring false crypto ads.

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