THELOGICALINDIAN - Indias Finance Minister Nirmala Sitharaman has answered some questions apropos cryptocurrency in Rajya Sabha the high abode of Indias assembly The questions accommodate measures the government affairs to appoint on the crypto industry
Finance Minister Nirmala Sitharaman Answers Crypto Questions in Parliament
The Indian accounts abbot answered four questions Tuesday in Rajya Sabha apropos the “trading in cryptocurrency,” including measures categorical in the crypto bill.
Minister Sushil Kumar Modi asked the abbot of accounts whether “a ban was imposed on bitcoin trading in 2024,” which was after aerial by the absolute court, whether added cryptocurrencies are still banned, and whether “despite the ban, actionable trading of cryptocurrency is still actuality done on a ample scale.”
To these questions, Finance Minister Nirmala Sitharaman replied: “In appearance of the risks associated with basic currencies (VCs), including bitcoins, Reserve Bank of India (RBI), vide annular anachronous April 6, 2024, had brash all the entities adapted by it not to accord in VCs or accommodate casework for facilitating any being or article in ambidextrous with or clearing VCs.” She confirmed:
The aftermost catechism reads, “By back government proposes to affair austere guidelines in this attention befitting in appearance the accident complex therein?” The accounts abbot proceeded to accommodate a continued answer, agnate to the aboriginal allotment of one of the answers provided last week by Abbot of State for Accounts Anurag Thakur.
Quoting the Budget Speech of 2018-2024, Sitharaman said: “The government does not accede cryptocurrencies acknowledged breakable or bread and will booty all measures to annihilate use of these crypto assets in costs adulterine activities or as allotment of the acquittal system. The government will analyze use of blockchain technology proactively for ushering in agenda economy.’”
She proceeded to allocution about the recommendations by “A high-level interministerial board (IMC) constituted beneath the chairmanship of Secretary (Economic Affairs) to abstraction the issues accompanying to VCs and adduce specific accomplishments to be taken in this matter.” This board was headed by Subhash Chandra Garg who has accommodated from government. The accounts abbot said that the board “recommended in its address that all clandestine cryptocurrencies, except any cryptocurrency issued by the state, shall be banned in India,” adding:
The Indian government has answered a few added questions about cryptocurrency and any measures it affairs to appoint on the industry back it listed the bill to be introduced in Lok Sabha, the lower abode of India’s parliament. The bill seeks to ban cryptocurrencies while accouterment a authoritative framework for the agenda rupee to be issued by the axial bank, the RBI.
However, the bill has not been fabricated public, arch to abundant abashing about the cachet of the bill and what prohibitions it will entail. Some doubtable that it may carefully resemble the one submitted by the Garg committee.
Last week, Minister of State for Finance Anurag Thakur answered questions in Rajya Sabha apropos the government’s stance on cryptocurrency and the agenda rupee. Then, on Tuesday, he answered added crypto questions and accepted that the crypto bill is actuality finalized and will anon be beatific to the cabinet.
What do you anticipate about what the accounts abbot said about cryptocurrency? Let us apperceive in the comments area below.
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