Govt to soon bring bill on crypto currencies: MoS Finance Anurag Thakur

 

Replying to a question in the Upper House, Anurag Thakur said regulatory bodies like RBI and SEBI do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.

Image: Wikipedia/Government of India


The government will soon bring a bill on crypto currencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday.

Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and SEBI do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.

"The existing laws are inadequate to deal with the subject,” he said.

The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies.

There was also a meeting of the Empowered Technology Group.The Committee of Secretaries chaired by the Cabinet Secretary has also given its report.

"A bill (on crypto currencies) is being finalised and it will soon be send to the Cabinet. We will soon be bringing a bill,” Thakur said.

In view of the risks associated with Virtual Currencies (VCs), including Bitcoins, the Reserve Bank of India (RBI) through a circular in April 2018, had advised all the entities regulated by it not to deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.However, Supreme Court, vide judgement dated March 4, 2020, had set aside the RBI’s circular.To another question regarding Chinese companies in the country, the minister said as of now, there are around 92 companies registered in the country.

Out of them, 80 Chinese companies are actively working in India.

Get Best Indian Stock Market tips with High Accuracy

Comments

Post a Comment

Popular posts from this blog

Why Intra-day Traders Lose Money!

Image
    A Simple mistakes that intraday traders commit include; averaging your positions, attempting to outsmart the market, overtrading to recover losses, focusing   in a lot on hot tips  etc have created many Indian stock market loss stories.  Curiously  90% of the intraday traders are losing money in intraday trading. Here are reasons why intraday traders lose money in trading. Financial exchange is about numbers and exchanging  Stock Market Tips  is a number game. You should be careful when playing this number game, one wrong move and you lose a few or all your cash. A few group aimlessly follow the numbers and make their brokers . Some time these numbers can be misdirecting and this would place your cash in harm's way. Continuously dissect and exchange with solid examination.  En route up, there will be a lot of individuals who would prefer not to get included on the grounds that they accept the cost is as of now excessively high. In a...
Read more

Why is day trading considered to be risky by investors?

  : Do you think day trading is risky? Do you think day trading can’t deliver good returns? Read on to know how day trading can be more rewarding with minimum risk. To know the actual scenario of the stock market tips you need to concentrate a lot in the market to know all the idea of the working of the market. If you are not ready to invest in the stocks because of the risks involved then you should be able to get the right time to make a good research. This is important because if you are not able to know the risks in the market you can never make the right gains from the market. You have to be very serious when you should try to invest in the stock market because there are many important considerations that you need to make in order to get the best stocks for you. If you are not willing to take the risks then it is best not to invest in the market for the time being. You need to make the right efforts to understand whether you are looking forward to short or even long term inves...
Read more