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Tuesday, July 16, 2024

Indian Finance Minister Says Monitoring Crypto Ads; Not Weighing Ban

The Indian government is set to bring out a new crypto draft bill in the winter session of parliament.

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Finance Minister of India Nirmala Sitharaman said on Tuesday that the government is closely monitoring crypto advertisements but is not weighting a ban on crypto ads at the moment.

India has a large crypto user base, currently ranks second-highest in the world when it comes to crypto adoption, according to Chainalysis’ 2021 Global Crypto Adoption Index, banning cryptocurrency will leave the users to resort to illegitimate means of trading that may result in money laundering activities.

The Finance Minister also said the government’s cryptocurrency bill, which is due to be submitted during the current parliamentary session, is based on inputs from the 2019 draft bill and other recommendations.

During a question and answer session of the parliament, Sitharaman looked to put an end some of the confusion surrounding cryptos in India and whether the government will be ban or regulate the crypto. However, she did not give any clear indication on the status of cryptocurrency and insisted that lawmakers wait for the bill, which will be introduced very “soon.”

The minister’s comments come a day after she said the government has no plans to recognize Bitcoin (BTC) as a currency, as well as comments from the Finance Ministry that the country’s central bank, Reserve Bank of India (RBI) is working on the phased implementation of a digital currency.

Crypto has come under fire in India after reports the government will introduce a bill that will ban all private cryptocurrencies, dousing hopes of a looser stance by the Indian government.


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