In response to a query on data available for both local developers and international developers for active cryptocurrency exchange companies operating in India, the government said that it will not collect any data on the cryptocurrency sector. does.
business desk. The Finance Ministry told Parliament on Monday that the Central Government has no plans to promote the cryptocurrency sector in the country.
The comments come in the wake of rapid growth in the cryptocurrency space in India, with the government preparing to introduce a bill in the ongoing Parliament session to regulate cryptocurrencies.
Furthermore, in response to a query on the data available for both local developers and international developers for active cryptocurrency exchange companies operating in India, the government said that it does not collect any data on the cryptocurrency sector.
What the Finance Minister said The
government replied that a Bill on Regulation of Cryptocurrencies and Official Digital Currency has been included for introduction in the Lok Sabha and is expected to be introduced during the current session.” Earlier, the Finance Minister Nirmala Sitharaman said there is a need for global action to regulate developed technologies including cryptocurrencies.In a media house event, the Finance Minister said that the government will bring a better cryptocurrency bill.
Bill something like
‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, “seeks to create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). It also seeks to ban cryptocurrencies.In India, however, it allows certain exceptions to promote cryptocurrencies and the technology underlying its use.
RBI has protested:
Currently, there is no regulation or any restriction on the use of cryptocurrencies in the country. RBI has repeatedly reiterated its strong views against cryptocurrencies, saying they can pose a serious threat to the country’s macroeconomic and financial stability. RBI Governor Shaktikanta Das also reiterated his view against allowing cryptocurrencies, saying they pose a serious threat to any financial system as they are unregulated by central banks.
