The bill seeks to create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI) for the ongoing winter session of Parliament. It also tries to ban all private cryptocurrencies in India. The bill seeks to promote the technology and use of certain cryptocurrencies only.
Responding to several questions in the Rajya Sabha, Sitharaman said, “After the approval of the cabinet, this bill will come in the house.”
The government had also listed a similar bill for the last Parliament session (monsoon), but it was not taken up. “The first effort was of course to come up with a bill that the House can consider. But later, as there were so many things to come into play at a fast pace, we started working on a new bill. This one The bill is what is being proposed now,” he said, adding that a “real effort” was made to bring the bill during the monsoon session as well.
The minister informed the House that the proposed law is likely to be introduced soon. When asked whether the government proposes to ban misleading advertisements in the media, he said that the guidelines of the Advertising Standards Council of India are being studied and their rules are also being looked into. So that we can take some kind of stand if need be and see how we can handle it”.
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