'No Decision on Banning Cryptocurrency Advertisements': FM Sitharaman

She added that a legislation is currently being worked upon.

Union Finance Minister Nirmala Sitharaman.

(Photo: PTI/Shahbaz Khan)

No decision has been taken to restrict digital currency advertisements, Finance Minister Nirmala Sitharaman told the parliament on Tuesday, 30 November, adding that a legislation is currently being worked upon.

Underlining that a bill will 'soon be introduced', she went on to say that the dangers of wrong people possessing cryptocurrency are under monitoring and there is a lack in regulatory framework of digital currencies.

Reserve Bank of India and markets regulator SEBI are working on creating awareness about the risks linked with trading in cryptocurrencies, FM stated.

"There were other dimensions and the old Bill had to be reworked and now we are trying to work on a new Bill," she said.

On Monday, the Union Ministry of Finance said that the government has no proposal to recognise Bitcoin as currency in India and it does not collect data on Bitcoin transactions.

This comes as the Union government plans to move a Bill which seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament, which began on 29 November.

Named the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, it will allow for certain exceptions to promote the underlying technology of cryptocurrency and its usage.