New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said in the Rajya Sabha that over 8 cases regarding cryptocurrency-related fraud are under investigation by the Directorate of Enforcement. In a written reply to Rajya Sabha, Sitharaman said that the Central government will soon bring in a new Bill on cryptocurrency after it is approved by the Union Cabinet.Also Read - Budget 2022: Will Mobile Phones, TVs Get Cheaper This Year? Here's What Experts Expect
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It must be noted that the Bill on Cryptocurrency and Regulation of Official Digital Currency for introduction in the Lok Sabha has been included in the Lok Sabha Bulletin-Part II. Also Read - From Telemedicine To Bridging Urban-Rural Gap: Here Is What Healthcare Sector Wants From Budget 2022
The Cryptocurrency Bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI) for the ongoing winter session of Parliament. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
“The earlier attempt was definitely to come up with a Bill that the house can consider. But, later, because rapidly a lot of things had to come into play, we had started working on a new Bill. This is the Bill that is now being proposed,” she said adding that there was a “genuine attempt” to bring the Bill even during the monsoon session.
FM Sitharaman also informed the house that the proposed legislation is likely to be introduced soon.
On the issue of Centre’s proposal to ban misleading advertisements in media, Sitharaman said the guidelines of Advertising Standards Council of India are being studied and their regulations are also being looked into “so that we can take, if necessary, some kind of position or a decision to see how we can handle it”.
The minister also said cryptocurrencies are unregulated in India and the government does not collect data on transactions in cryptocurrency.
Sitharaman also said the government, RBI and Sebi have been cautioning people about the cryptocurrencies that could be a “high risk” area and “more can be done” to create awareness.
(With inputs from agencies)