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New cryptocurrency bill not the same as one in February, finance minister tells Parliament

Rumours of government legislation banning cryptocurrencies had stirred panic among investors in India.

The Union government is not considering a ban on ads by cryptocurrency exchanges, for the time being, Finance Minister Nirmala Sitharaman clarified in response to questions by Rajya Sabha MPs Neeraj Shekhar and Sushil Kumar Modi. These questions were asked during the question hour in the winter session of the Parliament. Sitharaman, however, elaborated that the government is studying guidelines of the Advertising Standards Council of India (ASCI) and their regulations so that the government can take a decision on how to handle these ads if the necessity arises in the future. She revealed that the Union government is also taking steps to caution investors through SEBI and RBI about the risks associated with cryptocurrencies. It was reported earlier that the government was unhappy with crypto ads promising wild profits in a memo summarising a meeting between Prime Minister Narendra…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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