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The government does not yet have a view on the regulation of crypto advertising: FM Sisaraman

The government is investigating advertising watchdog guidelines and regulations to see what can be done to address concerns about misleading cryptocurrency advertising, federal finance minister Nirmala Sisaraman said Raja Sabah. I answered the question in.

She answered the question directly whether the government would ban such ads.

The minister said the government would submit a bill on cryptocurrencies shortly after it was approved by the union cabinet.

“About misleading ads, and we ban them … the Indian Advertising Standards Council (ASCI), which governs all ads, their guidelines are being studied and the regulations they have. Is all being investigated so that we can take, if necessary, some position in deciding how to handle this, “said former Deputy Prime Minister Bihar Kumar Modi. I answered the question from him.

At a meeting held by Prime Minister Narendra Modi in early November, there was an advertisement for cryptocurrencies without disclaimers and cautions for investors.

The minister has stated that this is a “dangerous area” and that indulging people need to be aware of what they are doing in areas that are not yet in full regulatory framework, and there have been attempts to raise awareness. Said that.

She said the government, market regulator Sebi, and the Reserve Bank are taking every step to warn young people.

She said the bills listed in the previous session were not introduced because the government wanted to include other aspects that emerged afterwards.

“The previous attempt was undoubtedly to come up with a bill that the house could consider, but then quickly so much had to be involved, so we started working on a new bill. It’s a bill currently being proposed, “he added, adding that a bill once cleared by the Cabinet will arrive at home.

The government has listed a bill on the regulation of cryptocurrencies and official digital currencies to be introduced into LokSabha, among the bills to be taken up during the winter session.

The bill seeks to create a facilitating framework for creating official digital currencies issued by RBI. It is also trying to ban all private cryptocurrencies in India, allowing certain exceptions to promote cryptocurrencies and the technology underlying their use.

Regarding concerns about the misuse of cryptocurrencies by rebels, she said these issues were being monitored by various agencies.

When asked about non-fungible tokens (NFTs), he said the government was discussing the regulation if it was considering it, but did not provide details as the bill was to be introduced into the home soon. .. She said everything may or may not be covered by the bill, but the issues related to regulatory capacity and the fact that it has skyrocketed in the last few years are also noted. ..

She said there was no ready information about income tax collected in cryptocurrencies

The government does not yet have a view on the regulation of crypto advertising: FM Sisaraman

Source link The government does not yet have a view on the regulation of crypto advertising: FM Sisaraman

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