Concerns about cryptocurrency: Will the government create a distinct framework for non-fungible tokens (NFTs)? “I won’t be able to answer if there would be a framework at this stage,” Nirmala Sitharaman told the Rajya Sabha.
Today, Finance Minister Nirmala Sitharaman told the Rajya Sabha that a new bill on cryptocurrency is being drafted and will be tabled to the Union Cabinet for approval soon.
Nirmala Sitharaman’s concern over cryptocurrency
The Finance Minister informed the Rajya Sabha today that the risk of cryptocurrencies falling into the wrong hands is being watched. Her comments come at a time when the business is anticipating new government regulations.
- “There were other aspects, and the bill had to be rewritten,” she explained today. “Now we’re attempting to work on a new draught.” She emphasised the importance of caution, citing pronouncements from the RBI, the SEBI, and the government.
- Is the government considering outlawing deceptive advertisements until the Crypto bill is passed? “There are ad guidelines that are being looked into to take a decision on the subject,” she remarked in response to former Bihar Finance Minister Sushil Modi’s question.
- Will the government create a separate framework for non-fungible tokens (NFTs)? “I won’t be able to say whether or not there will be a framework at this time.” But all of these issues are being examined,” she said in response to Sushil Modi’s inquiry.
- “I don’t have the information regarding how much tax has been collected on cryptocurrencies,” the Finance Minister stated in response to a question about how many people paid income tax using cryptocurrency.