Govt to introduce new Crypto Bill in Parliament after Cabinet approval : Finance Minister

Finance Minister Nirmala Sitharaman

The government will introduce the new Crypto Bill in Parliament after Cabinet approval, Union Finance Minister Nirmala Sitharaman said on November 30.

The Finance Minister also said that regulation of NFTs (non-fungible token) is also being discussed by the Centre.

Speaking during Question Hour in Rajya Sabha, the Finance Minister said, "We are close to bringing a bill in parliament.. It will be introduced in the house once cabinet clears the bill." Sitharaman said the new Bill has come up after reworking on the old Bill that could not be tabled in previous sessions of Parliament.

She said that the risk that cryptocurrencies can lead to undesirable activities is also being closely monitored.

"No decision was taken on banning its advertisements. However, steps are taken to create awareness through RBI and SEBI," she said.

READ: Cryptocurrency Bill heads to the Parliament: Three experts weigh in on how gains would be taxed

On a question about the amount of taxes collected by the governmnet on crypto trades, Sitharaman said, "Don't have ready information about the amount of tax collected on cryptocurrencies."

Sitharaman had on November 29 said that there is no proposal to recognise  Bitcoin as a currency. The Finance Minister also said in the written response that the government does not collect data on Bitcoin transactions.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing Winter Session of Parliament, seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.