Indian government confirms that its new crypto bill is not the same as the old one

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Indian government confirms that its new crypto bill is not the same as the old one
Finance MinisterBCCL
  • The finance minister said that the government is keeping its eye on the crypto industry and the risks it presents.
  • Sitharaman clarified that the Indian government is yet to take a call on banning advertisements by crypto exchanges.
  • She had earlier informed the lower house that the government does not collect data on Bitcoin transactions.
India’s Finance Minister Nirmala Sitharaman has confirmed that the government's new crypto bill — the one set to be introduced in the ongoing session of Parliament — is not the same as the 2019 draft.

“We are in a position where we are close to bringing a bill in Parliament,” she said today, November 30, during the Winter Session.

According to Sitharaman, the government is keeping its eye on the crypto industry and the risks it presents. “Risk that cryptocurrencies can lead to undesirable activities is being closely monitored,” she said.

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Future of crypto ads in India remains uncertain



Sitharaman also clarified that the Indian government is yet to take a call on banning advertisements by crypto exchanges.

In July, earlier this year, a plea was filed with the Delhi High Court seeking a formal framework for domestic cryptocurrency exchanges pushing ads on television. The bench, comprising judges DN Patel and Jyoti Singh, passed the buck onto the government, the Securities and Exchange Board of India (SEBI) and Indian crypto exchanges — WazirX, CoinDCX, and CoinSwitch Kuber to figure it out.

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Advertisements run in the past do have disclaimers, but the plea points out that they are too small to read and need to be broadcast in a standard size. According to the petitioners, SEBI should issue guidelines, which mandate the disclaimer on crypto ads to cover at least 80% of the screen.

Sitharaman’s comments come after she told the Parliament that India has no plans to recognise Bitcoin as a currency, yesterday, on November 29.

She also informed the lower house — Lok Sabha — that the government does not collect data on Bitcoin transactions.

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For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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