“This is just about disclosure,” said a government official, adding the Corporate Affairs Ministry had received complaints that certain companies were luring people to invest in schemes investing in cryptocurrencies by promising high returns. Industry players had welcomed the disclosure requirements as a sign of the government’s intent to regulate cryptocurrencies and noted that the move would boost awareness and acceptance of cryptocurrencies as well as give comfort to companies with cryptocurrency holdings.
The official noted that the decision on whether cryptocurrencies would be banned would be taken by the Department of Economic Affairs under the Finance Ministry. Source indianexpress.com
Finance Minister Nirmala Sitharaman has, however, recently noted that the Centre would take a calibrated approach to cryptocurrencies and would not close the window on experimentation with cryptocurrencies.
A high-powered inter-ministerial committee has also previously recommended the banning of all private cryptocurrencies. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aims to prohibit all private cryptocurrencies and lays the regulatory framework for the launch of an “official digital currency” was set to be introduced in Parliament during the Budget session, but was not taken up.
News Highlights News
- The crypto rules are limited to ‘disclosure’, not a guide to the government’s stance on the ban
, Crypto rules just about ‘disclosure’, not a guide to govt stance on ban
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