Indian Finance Minister Says Monitoring Crypto Ads; Not Weighing Ban

The Indian government is closely monitoring crypto advertisements but is not weighting a ban on crypto ads at the moment, Finance Minister Nirmala Sitharaman said on Tuesday.

• The Finance Minister also said the government’s crypto bill, which is due to be submitted during the current parliamentary session, is based on inputs from the 2019 draft bill and other recommendations.
• Sitharaman, during a question and answer session of the parliament, looked to quell some of the confusion surrounding cryptos in India and whether they will be banned or regulated. However, she did not give any clear indication on the status of cryptos and insisted that lawmakers wait for the bill, which will be introduced “soon.”
• The minister’s comments come a day after she said the government has no plans to recognize bitcoin as a currency, as well as comments from the Finance Ministry that the country’s central bank is working on the phased implementation of a digital currency.
• Crypto has come under fire in India after reports the government will introduce a bill that will ban all private cryptocurrencies, dousing hopes of a looser stance by the Indian government.

Read more: India Has No Plans to Recognize Bitcoin as Currency; RBI Working on CBDC Rollout: Reports