Indian Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) revealed that the previous version of the cryptocurrency bill being promoted by the government needs to be reformulated. “Once the cabinet passes, this bill will enter the House of Representatives,” the finance minister told Rajya Sabha, the upper house of the Indian parliament.

The Indian government pushes for a new encryption bill

Finance Minister Nirmala Sitharaman answered some questions about the government’s cryptocurrency plan and crypto bill on Rajya Sabha on Tuesday. Listed It will be discussed at the current parliamentary meeting.

According to the legislative agenda of the Winter Conference, the “Cryptocurrency and Regulation of the Official Digital Currency Act of 2021” aims to “ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the basic technology and use of cryptocurrencies” Lok Sabha, the Lower House of the Indian Parliament.

When answering questions about the encryption bill, Treasury Secretary Sitharaman explained: “There are other aspects. The old bill must be re-enacted. Now we are working hard to enact a new bill.” She emphasized:

Once the bill is passed by the cabinet, it will enter the House of Representatives.

Lists old versions of the cryptocurrency bill To be introduced In the earlier parliamentary meeting, it was not adopted.

Noting that the previous version of the bill was a “real attempt,” Sitharaman described:

The earlier attempt must have been to propose a bill that the House of Representatives could consider. However, later, because many things must take effect quickly, we began to formulate a new bill. This is the bill currently being proposed.

The current version of the encryption bill has not yet been made public. So far, the Indian government has only issued one encryption bill-a bill drafted by the Inter-Ministerial Committee (IMC) led by the former Finance Minister Subhash Chandra Garg. Published In July 2019, the Garg Committee’s bill proposed to create a regulatory framework for the Central Bank Digital Currency (CBDC) issued by the Central Bank of the Reserve Bank of India (RBI), but prohibits all other cryptocurrencies.

The Minister of Finance also answered some questions about false and misleading encrypted advertisements. She stated that she has not decided to stop digital currency advertising.

On Monday, the Minister of Finance Reply The three sets of questions about Bitcoin transactions in Lok Sabha, the high-profile Bitcoin scam in Karnataka, and the legality of cryptocurrency trading and cryptocurrency exchanges in India. She pointed out that the government does not collect data on Bitcoin transactions or cryptocurrency transactions. In addition, she stated that there is no proposal to recognize Bitcoin as a currency.

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