Speculations on Cryptocurrencies regulation not healthy: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman mentions that the speculations on the Cryptocurrencies regulations are not healthy.

Finance Minister Nirmala Sitharaman mentioned that the speculations on the Cryptocurrencies regulations are unhealthy. She said that a well-consulted bill will be coming after the Cabinet nod, at the HT Leadership Summit.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is present in the Lok Sabha Bulletin-Part II for the introduction in the ongoing Winter Session.

But for something as dynamic as crypto, such speculations are considerably not healthy. The objective of the bill is the creation of official digital currency to be issued by RBI as per the Bulletin. At the same time, seeking to prohibit all private cryptos in India.

Speaking about the misleading advertisements regarding the crypto she says, “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 a position or a decision to see how we are going to handle it”.

She mentioned that the government, RBI, and Sebi have been warning people about cryptocurrencies and the degree of risk involved in it. She confidently spoke in the economical aspect that India would emerge as the fastest-growing large economy in the world.

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