Due to the spikes on cryptocurrency, we can see the downfall in the crypto market (Some coins are in the loss like Bitcoin, while on another side some coins are at high like doge, Shiba INU).
According
to India’s former finance minister Subhash Garg, “it is misleading to say that
private cryptocurrencies will be banned.”
Finance
minister Nirmala Sitharaman on 30-11-2021 said the risk of cryptocurrency going
in the wrong hands is being monitored. The Minister also stated that there is
no decision to stop advertisements of digital currencies.
Ms.
Sitharaman also stated that there were extensive discussions on the regulatory
capacity of cryptocurrencies and “let’s wait for the Bill”.
“There
were other dimensions and the old Bill had to be reworked and now we are trying
to work on a new Bill,” she added.
While
on the other side, The Bombay high court on 30-11-2021 directed the Union government
to update it on the proposed cryptocurrency legislation expected to be tabled during
Parliament’s ongoing winter session.
The
high court was hearing public interest litigation (PIL) seeking directions for
the government to enact appropriate laws to address the growing threat of
cryptocurrencies and malpractices at trading platforms. The petition, filed by Advocate
Aditya Kadam, stated that in the absence of appropriate legislation and statutory
authority, aggrieved persons do not have a redressal mechanism.
Investors
face problems as their rights were being violated and their investments were at
risk as the cryptocurrency business in India is unregulated, Kadam said.
The
HC bench of chief justice Dipankar Datta and justice M S Karnik then asked the
Centre to update it on the proposed legislation and posted the matter for
hearing on January 17, 2022.
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