Cryptocurrency: Finance Minister Said – Rbi Wants To Ban Crypto For This Global Cooperation Is Necessary Nirmala Sitharaman News

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Finance Minister Nirmala Sitharaman in Parliament.

Finance Minister Nirmala Sitharaman in Parliament.
– Photo: ANI

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The country’s finance minister Nirmala Sitharaman has once again made a big statement regarding cryptocurrencies. In a speech in Parliament on Monday 18 July, the finance minister said the government wants to ban cryptocurrencies, but for this it will also need cooperation from other countries.

The finance minister has said that the RBI has also advocated for making strict rules on cryptocurrencies and banning their use. Finance Minister Nirmala Sitharaman said while answering a written question in the Lok Sabha that the RBI has termed cryptocurrencies as a threat to the country’s monetary and fiscal stability. It has been recommended by RBI to make a law for this sector. The country’s central bank believes that this should be stopped immediately.

In response to a written question in Parliament, the finance minister has also said that given the global nature of digital currency, cooperation between different countries is necessary to prevent violation of rules in its operation. Any law designed to control it can only be effective if there is a spirit of mutual cooperation at the international level to carry it out.

Let us tell you that there have been several indications from the government that it wants to make comprehensive rules and regulations to govern NFTs, digital currency or cryptocurrencies. According to sources related to the government, this is being discussed. The government may introduce a bill to regulate cryptocurrencies during the monsoon session. However, this bill is not currently mentioned in the list of bills to be tabled in Parliament.

According to media reports, a consultation paper on cryptocurrencies will be brought before it is presented in Parliament. In this, the government’s position on digital currency will be stated. This paper was prepared in the month of May itself. Hopefully the government will publish it soon.

Let us tell you that with a tough stance on cryptocurrencies, RBI is also working on launching its own digital currency. It will hopefully also be announced this year. RBI Deputy Governor T. Rabi Shankar has said that the central bank can eliminate the need for private cryptocurrencies by introducing digital currency.

Some states have sought extension of GST compensation deadline by five years: finance minister

On the other hand, while giving information in the Lok Sabha during the Parliament session on Monday, the Finance Minister has said that many states, including Telangana, have demanded continuation of the compensation to the states under the GST Act for another five years.

Let us tell you that under Article 18 of the GST Act 2016, a provision was made to pay compensation for five years to protect the states from loss of revenue when the GST Act came into effect. At present, its term has expired, but some states require its continuation.

The finance minister also gave the reason for the drop in the rupee.

In a written reply in Parliament on Monday, Finance Minister Nirmala Sitharaman also cited the reason for the decline in the rupee against the dollar. The finance minister has said that the main reason for the continued fall in the rupee is the ongoing war between Russia and Ukraine and the continued rise in international crude oil prices.

On Monday, the rupee fell to 79.97 per dollar

Let us tell you that on Monday the Indian Rupee started trading at the level of 79.76 with a strength of six paise. But after that it started weakening again and at the time of market closing it closed at its all-time low of Rs 79.97 per dollar. The rupee had closed at the level of 79.82 in the previous trading day.

Expansion

The country’s finance minister Nirmala Sitharaman has once again made a big statement regarding cryptocurrencies. In a speech in Parliament on Monday 18 July, the finance minister said the government wants to ban cryptocurrencies, but for this it will also need cooperation from other countries.

The finance minister has said that the RBI has also advocated for making strict rules on cryptocurrencies and banning their use. Finance Minister Nirmala Sitharaman said while answering a written question in the Lok Sabha that the RBI has termed cryptocurrencies as a threat to the country’s monetary and fiscal stability. It has been recommended by RBI to make a law for this sector. The country’s central bank believes that this should be stopped immediately.

In response to a written question in Parliament, the finance minister has also said that given the global nature of digital currency, cooperation between different countries is necessary to prevent violation of rules in its operation. Any law designed to control it can only be effective if there is a spirit of mutual cooperation at the international level to carry it out.

Let us tell you that there have been several indications from the government that it wants to make comprehensive rules and regulations to govern NFTs, digital currency or cryptocurrencies. According to sources related to the government, this is being discussed. The government may introduce a bill to regulate cryptocurrencies during the monsoon session. However, this bill is not currently mentioned in the list of bills to be tabled in Parliament.

According to media reports, a consultation paper on cryptocurrencies will be brought before it is presented in Parliament. In this, the government’s position on digital currency will be stated. This paper was prepared in the month of May itself. Hopefully the government will publish it soon.

Let us tell you that with a tough stance on cryptocurrencies, RBI is also working on launching its own digital currency. It will hopefully also be announced this year. RBI Deputy Governor T. Rabi Shankar has said that the central bank can eliminate the need for private cryptocurrencies by introducing digital currency.

Some states have sought extension of GST compensation deadline by five years: finance minister

On the other hand, while giving information in the Lok Sabha during the Parliament session on Monday, the Finance Minister has said that many states, including Telangana, have demanded continuation of the compensation to the states under the GST Act for another five years.

Let us tell you that under Article 18 of the GST Act 2016, a provision was made to pay compensation for five years to protect the states from loss of revenue when the GST Act came into effect. At present, its term has expired, but some states require its continuation.

The finance minister also gave the reason for the drop in the rupee.

In a written reply in Parliament on Monday, Finance Minister Nirmala Sitharaman also cited the reason for the decline in the rupee against the dollar. The finance minister has said that the main reason for the continued fall in the rupee is the ongoing war between Russia and Ukraine and the continued rise in international crude oil prices.

On Monday, the rupee fell to 79.97 per dollar

Let us tell you that on Monday the Indian Rupee started trading at the level of 79.76 with a strength of six paise. But after that it started weakening again and at the time of market closing it closed at its all-time low of Rs 79.97 per dollar. The rupee had closed at the level of 79.82 in the previous trading day.



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