FM says Crypto Bill will be introduced in Parliament after Cabinet nod

Finance Minister Nirmala Sitharaman clarified in Rajya Sabha on Tuesday that the government is not considering a ban on cryptocurrency advertising and that a bill will be introduced in parliament after approval by the cabinet.

“This is a risky area and not in a full regulatory framework. We are not considering a ban on advertising, but we have taken steps to warn the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India have been studied and the regulations they have are being examined so we can make a decision on how to deal with them if necessary," said Sitharaman.

The government will soon introduce a bill related to cryptocurrencies once the cabinet approves it, she added.

Last week, the government had introduced a bill for the ongoing winter session of Parliament that seeks to ban all private cryptocurrencies.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, aims to “ban all private cryptocurrencies in India, but allow certain exceptions to promote the underlying technology of cryptocurrency and its use,” according to the list of companies for the winter session of Parliament.

The bill also aims to "create a enabling framework for the creation of the official digital currency to be issued by the RBI".

Earlier this month, Prime Minister Narendra Modi chaired a meeting on cryptocurrencies, noting that attempts are being made to mislead young people by over-promising and non-transparent advertisements and should be stopped.