Cryptocurrency Update: Reserve Bank wants to ban crypto, read what was the answer given by the Finance Minister?

Highlights

Without a global system, it is not possible to stop crypto within any limit.
The government can introduce a bill regarding crypto in the monsoon session of Parliament.
The government will come out with a consultation paper before placing the bill in Parliament, which has been prepared in May.

New Delhi. Finance Minister Nirmala Sitharaman has once again made a strong statement regarding cryptocurrency. He has said in Parliament that the cooperation of countries around the world is needed to ban crypto.

The Finance Minister said, the Reserve Bank has been against crypto for a long time. His intention is to make strict rules against crypto and ban it. RBI is calling cryptocurrencies a threat to monetary policy and fiscal stability. He has recommended the government to enact a law for this sector and has also demanded a ban on crypto. The government is seriously considering the suggestions of RBI.

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daunting task
The Finance Minister said that borderless trade of cryptocurrencies is the biggest obstacle in the way of banning it. Therefore, international cooperation is very important for this. A law on crypto can be effective only if it has the cooperation of all countries with common taxonomy and standard. Without a global system, it is not possible to stop crypto within any limit.

Government will bring paper before presenting the bill
The central government wants to make a law regarding cryptocurrency and discussions are also going on on this. It is estimated that the government may introduce a bill regarding crypto in the monsoon session of Parliament. However, it is not named in the proposed bills prepared so far. It is believed that the government will bring a consultation paper before placing the bill in the Parliament, which will also make the government’s intention regarding crypto clear. Everything will come out with the release of the counseling paper soon.

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Government is in a state of panic
So far, the government is not openly stating its stand on crypto. The government’s confusion is whether crypto should be considered a financial asset or placed in any other category. The government has long been in favor of any global action on crypto. However, in the meantime, the Reserve Bank has announced to bring its own digital currency. In such a situation, it is believed that after the arrival of RBI currency, the existence of crypto will end.

Tags: business news in hindi, Cryptocurrency, Finance Minister, RBI

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