Five points told by FM Sitharaman on Crypto concerns

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Finance Minister Nirmala Sitharaman told the Rajya Sabha that a new bill on cryptocurrency is being prepared and will be presented to the Union Cabinet for approval soon.

In light of the recent concerns over cryptocurrencies, here are Nirmala Sitharaman’s top five quotes:

“The risk of cryptocurrency and it’s going in the wrong hands is being monitored,” 

the Finance Minister told the Rajya Sabha. Her comments come at a time when the business is anticipating new government regulations.

“There were other dimensions and the bill had to be reworked and now we are trying to work on a new bill,”

she stated. 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? She responded to former Bihar Finance Minister Sushil Modi’s query by saying :

“There are ad guidelines that are being looked into to take a position on the issue.”

Will the government create a separate framework for non-fungible tokens (NFTs)?

“At this point, I won’t be able to say if there will be a framework. But all these matters are being discussed,” she replied when Sushil Modi raised the question.

The Finance Minister responded to a question regarding how many people paid income tax on cryptocurrencies by saying,

“I don’t have the information about how much tax has been collected on cryptocurrency.”

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