According to Indian Finance Minister Nirmala Sitharaman, the law on cryptocurrencies has not yet been approved, but recommendations for investors have been issued.
After the second day of the winter session of the Indian Parliament, Finance Minister Nirmala Sitharaman
reportedthat the revised bill will be “soon submitted to parliament after approval by the Cabinet of Ministers.” The government has already issued guidelines for cryptocurrency investors, according to which the advertising of cryptocurrencies in India is not prohibited.
“No decision to ban advertising [криптовалют] was not accepted. However, steps are being taken to raise awareness through RBI and SEBI (Securities and Exchange Board of India). ”
The issue is a concern for the Reserve Bank of India (RBI), which believes that young people are particularly vulnerable to cryptocurrency advertising, she said. Former finance minister and author of the crypto industry regulation bill Subhash Garg admitted that “the bill has not yet been formulated.” But the industry is hoping it will be unveiled before the end of the current session on December 23rd.
“Hopefully the law won’t come as a big surprise. So far, we hear that the government is only considering the currency aspect of digital assets. ”
Garg emphasized that “cryptoeconomics is now a broader industry than it was before” and cannot be viewed only from the point of view of currency regulation. He
confessedthat I have now noticed two inaccuracies that can lead to serious problems in the future. First of all, it is a description of the bill that is “misleading”.
“It is probably wrong to require in the bill that private cryptocurrencies be banned, as the government wants. Ideally, the authorities should discuss this with stakeholders and investors, and then formulate a draft law. ”
According to him, a gross error was made in the classification of cryptocurrencies. “Cryptocurrencies are assets and services, they are a whole economy. It is too simple and wrong to regard them only as an asset. ”
He also argued that cryptocurrencies are “a useful tool for humanity,” but private companies should not issue digital assets. Garga believes that cryptocurrencies should not be allowed to be used as a means of payment. The 2019 bill focuses the most on this aspect, he said. The draft law proposes to introduce the digital currency of the Central Bank as a “response to private cryptocurrencies.”
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