“A lot of unhealthy speculation about cryptocurrencies is going on”: Finance Minister Nirmala Sitharaman

'Government will introduce a well-advised crypto bill': Finance Minister

Finance Minister Nirmala Sitharaman

Affirming that there is a lot of speculation going on about cryptocurrencies, Finance Minister Nirmala Sitharaman on Saturday said these speculations are not “sane at all”. Her comments come against the backdrop that the government is preparing to introduce legislation to regulate cryptocurrencies.

Speaking at the HT Leadership Summit, the Finance Minister said there is definitely a well-considered bill about to be introduced in the National Assembly after the Cabinet nods. “There’s a lot of speculation… that’s not healthy at all,” she said in an answer to a question if she thinks a lot of unregulated speculation is going on on cryptocurrencies. .

Cryptocurrencies and Regulations on the Official Digital Currency Bill, 2021, have been included in the Lok Sabha Newsletter-Part II for presentation during the ongoing Winter Session. The bill seeks to create a favorable framework for the creation of an official digital currency issued by the Reserve Bank of India (RBI), the Bulletin said.

It also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its use. Earlier this week, Sitharaman in the Rajya Sabha while answering a series of questions said that the new bill takes into account the rapidly changing dimensions in the cryptocurrency space and incorporates the features of the previous bill that are expected This law is not applicable.

When asked if the government is proposing to ban misleading advertising in the media, she said the Advertising Standards Board of India guidelines are being studied and the regulations of the Government are being studied. they are also being reviewed “so that we can, if needed, some sort of placement or a decision to see how we will handle it”.

She said that the government, RBI, and Sebi have warned people about crypto being a “high-risk” area and that “much more can be done” to create awareness. Regarding economic growth, Sitharaman at the HT Leadership Summit said, “This year’s GDP numbers will be very encouraging and India will become the fastest growing major economy in the world.

On the issue of food inflation, she said, there are supply constraints due to flooding in some parts of the country which has led to an increase in the prices of perishable products. However, she expressed hope that the prices of these shortages would cool down in January.

As for cooking oil, she said, enough and more imports have been allowed and that will solve the problem of skyrocketing prices. With the harvest of fresh mustard seeds, she said the price of this mustard will also drop soon.

When asked about meeting the Rs 1.75 lakh crore investment cancellation target in the current financial year, she said, “We are taking it step by step (strategic sale of BPCL, IPO LIC). It takes a lot of time.” She added that the handover of Air India to Tata Group will be done on December 31.


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