RBI has already stated that crypto is a threat to the monetary stability of the country
Union Finance Minister Nirmala Sitharaman has once again clarified the central government's stance on crypto currencies. On Monday, he made a statement in this regard in Parliament. He said that the cooperation of other countries is necessary to implement a ban or stricter controls on crypto currencies. It is to be noted that RBI is in favor of making strict rules ruegarding crypto currencies and banning its use.Sitharaman, in a written reply in the Lok Sabha on Monday, said that the RBI has stated that crypto-currencies pose a threat to the country's monetary and fiscal stability. RBI has also recommended legislation for this sector. And RBI believes it should be banned. The finance minister said international cooperation is necessary to curb violations of regulations given the borderless nature of cryptocurrencies.That is why legislation regulating it can only succeed when there is international agreement on the benefits and risks of common taxonomy and standards. Consultation paper on crypto before bringing crypto bill in parliament will be presented in Parliament. It will give an indication of the government's attitude towards crypto. This paper has been prepared by the end of May. Hope it will be announced soon.
Central government also eager to regulate:- crypto currencies However, the central government also wants to make comprehensive rules and laws to regulate crypto currencies. So discussions are going on about this. It is hoped that the government may introduce a bill to regulate this sector in the monsoon session of Parliament. However, it is not included in the list of bills to be introduced in Parliament this session.
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