Government may introduce a bill on cryptocurrencies in the winter of Parliament

Government may introduce a bill on cryptocurrencies in the winter of Parliament

The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 29, amid concerns about such currencies allegedly luring investors with misleading claims and funding terrorist activities. For, sources said on Monday.

Currently, there are no specific rules or any restrictions on the use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi on Saturday held a meeting on cryptocurrencies with senior officials and there are indications that stronger regulatory steps may be taken to tackle the issue.

Sources said the proposed bill will focus on protecting investors as cryptocurrencies fall in the complex asset class category.

After getting the nod by the Union Cabinet, the government plans to introduce the Bill on Cryptocurrencies in the first week of the winter session.

In August, Finance Minister Nirmala Sitharaman said she was awaiting cabinet approval on the cryptocurrency bill.

Both the government and the Reserve Bank of India (RBI) have raised concerns about cryptocurrencies in recent months.

The three-week long winter session is scheduled to run from November 29 to December 23.

On Monday, the Parliamentary Standing Committee on Finance discussed the pros and cons of crypto finance with various stakeholders, and many members were in favor of regulating crypto currency exchanges and not a complete ban on such currencies, according to sources. .

Sources had said that in the meeting convened by the Prime Minister on Saturday, it was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising of cryptocurrencies should be stopped.

An inter-ministerial panel on cryptocurrencies headed by the Secretary (Economic Affairs) had recommended that all currencies except those issued by the state should be banned.

Earlier, RBI had said that the uncontrolled growth of cryptocurrencies is a threat to the country’s macroeconomic and financial stability.

Last week, RBI Governor Shaktikanta Das reiterated his view against allowing cryptocurrencies, saying they pose a serious threat to any financial system as they are unregulated by central banks.

The central bank also plans to introduce an official digital currency.

On March 4, 2020, the Supreme Court quashed the RBI circular dated April 6, 2018, barring banks and entities regulated by it from providing services with respect to virtual currencies.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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