The government is preparing to introduce a bill on Cryptocurrency soon (symbolic photo)

New Delhi:

Amidst the news of crypto being banned in India through the new Cryptocurrency Bill, information has now emerged that all private cryptos in the country will be regulated and not banned. Sources have given this information by quoting "CryptoAsset Bill". It is worth

noting that

Union

Finance Minister Nirmala Sitharaman

said in the Rajya Sabha on Tuesday that the government will soon introduce a bill on Cryptocurrency after getting approval from the cabinet. He had said that after the approval of the cabinet, this bill will come in the house. The government had listed a similar bill in the last session of Parliament (monsoon) as well, but it was not taken up. Nirmala said, "The earlier attempt was of course to bring a bill but, later, fast things came into play, we started working on a new bill. 

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He said that a "serious attempt" was made to bring the bill even during the monsoon session, the proposed bill is likely to be introduced soon. Does not collect associated data.

He had also said that the government, the Reserve Bank and 'SEBI' have been cautioning people about cryptocurrency that it can be a "very risky" sector and there is a need to create more awareness in this regard.


In a written reply to another question, Sitharaman had said that the government does not have specific information on frauds related to Cryptocurrency and cases of financial frauds are a state subject.

However, he did mention that eight cases related to cryptocurrency fraud are being investigated by the Enforcement Directorate.

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