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  Business   In Other News  01 Dec 2021  Crypto bill to be tabled after cabinet nod: FM

Crypto bill to be tabled after cabinet nod: FM

THE ASIAN AGE. | MADHUSUDAN SAHOO
Published : Dec 1, 2021, 10:49 am IST
Updated : Dec 1, 2021, 11:03 am IST

This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advertisements

Union Finance Minister Nirmala Sitharaman —  PTI
 Union Finance Minister Nirmala Sitharaman — PTI

New Delhi: Mentioning the crypto currency trade as a "risk area", Union finance minister Nirmala Sitharaman on Tuesday clarified that the government has not yet taken any decision on banning advertisements of digital currencies. She further said there were extensive discussions on the regulatory capacity of crypto currencies and the government would bring a bill on this soon.

"This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI and Sebi. The government will bring a bill on crypto currency as soon as the cabinet approves it," Sitharaman said during the question hour in the Rajya Sabha.

 

She said the regulation of non fungible tokens (NFT) was still being discussed with the government.

"For the unversed, NFTs are digital tokens representing a wide range of one-of-a-kind tangible items - from a jpeg file, music file, video clip to anything else that can be stored digitally."

Tags: crypto bill, crypto currency, nirmala sitharaman, non-fungible tokens