Will introduce crypto bill after Cabinet nod: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that the Indian government will introduce the bill on cryptocurrencies in the Parliament after Cabinet’s approval. The minister also said that regulation of non-fungible tokens (NFTs) is also being considered.

“Government will soon bring a bill after the Cabinet clears it. It was not brought in last time as there were some other dimensions that had to be looked into. Rapidly a lot of things had come into play. Intent was to improve the bill,”Sitha raman said during the Question Hour in Rajya Sabha. Speaking on the advertisement controversy surrounding cryptocurrencies, she said that no decision has been taken on banning the advertisements. “ASCI governs advertising & formulates guidelines.All its regulations are being looked at so that we can see what can be done on advertisements.”

The minister on Monday had said that there is no proposal to recognise Bitcoin as a currency. Further, she said that the government does not collect data on Bitcoin transactions.


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.