FM says Crypto Bill will be introduced in Parliament after Cabinet nod

'We are not considering a ban on the advertisements, but we've been taking steps to caution the public through RBI and SEBI,' says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday clarified in Rajya Sabha that the government is not considering a ban on cryptocurrency advertisements and that a bill will be introduced in Parliament after Cabinet approval.

"This is a risky area and not in a complete regulatory framework. We are not considering a ban on the advertisements, but we've been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into, so that we can take a decision on how to handle it, if necessary," said Sitharaman.

Government will soon introduce a Bill related to cryptocurrencies once the Cabinet clears it, she added.

Last week, the government had listed a bill for the ongoing winter session of Parliament seeking to ban all private cryptocurrencies.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the list of business for the winter session of Parliament.

The Bill also aims to "create a facilitative framework for creation of the official digital currency to be issued by the RBI".

Earlier this month, Prime Minister Narendra Modi chaired a meeting on cryptocurrencies, and noted that attempts were being made to mislead youth by over-promising and non-transparent advertising, and should be stopped.