NEW DELHI: Union finance minister Nirmala Sitharaman on Tuesday told Rajya Sabha members that the government will introduce a bill on cryptocurrency during the current session of Parliament and urged them to wait for the details.
While she added this is “a risky area” which does not have a complete regulatory framework, the FM also said that the government is studying the guidelines of the Advertising Standards Council of India (ASCI) on misleading advertisements so that it can take a position on complaints regarding deceptive crypto ads.
BJP MP Sushil Kumar Modi raised the question of shutting crypto advertisements while mentioning that during the recent Cricket World Cup, over Rs 50 crore was spent by crypto exchanges in advertisements that ran without any disclaimer. “These ads are misleading and can lead to heavy losses,” he said. Responding to this, the FM said, “About misleading ads and banning ads, guidelines of ASCI are being studied and regulations that they have are all being looked into so that, if necessary, we can take some kind of decision to say how we are going to handle this.”
Earlier in the House, several MPs wanted to know whether the government was considering outright ban of crypto currency or to regulate them. Responding to whether there would be a separate legal framework for non-fungible tokens (NFTs) and how many people have paid income tax on crypto income, Sitharaman said she did not have the ready information on how much tax has been collected on crypto or how much has been paid on it.
While she added this is “a risky area” which does not have a complete regulatory framework, the FM also said that the government is studying the guidelines of the Advertising Standards Council of India (ASCI) on misleading advertisements so that it can take a position on complaints regarding deceptive crypto ads.
BJP MP Sushil Kumar Modi raised the question of shutting crypto advertisements while mentioning that during the recent Cricket World Cup, over Rs 50 crore was spent by crypto exchanges in advertisements that ran without any disclaimer. “These ads are misleading and can lead to heavy losses,” he said. Responding to this, the FM said, “About misleading ads and banning ads, guidelines of ASCI are being studied and regulations that they have are all being looked into so that, if necessary, we can take some kind of decision to say how we are going to handle this.”
Earlier in the House, several MPs wanted to know whether the government was considering outright ban of crypto currency or to regulate them. Responding to whether there would be a separate legal framework for non-fungible tokens (NFTs) and how many people have paid income tax on crypto income, Sitharaman said she did not have the ready information on how much tax has been collected on crypto or how much has been paid on it.
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