INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala SitharamanAsserting that a lot of speculation is taking place on cryptocurrencies, Finance Minister Nirmala
Sitharaman on Saturday said these speculations are not "healthy at all." Her comments come against the backdrop of the government preparing
to come out with legislation to regulate cryptocurrencies.Speaking at the HT Leadership Summit, the Finance Minister said there is certainly
a well-consulted bill that is coming in Parliament after the Cabinet nod
"There is a lot of speculation...that's not healthy at all," she said in a reply to a question if she thinks that a lot of unregulated
speculation is taking place on crypto.The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been included in the
Lok Sabha Bulletin-Part II for the introduction in the ongoing Winter Session
The bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of
India (RBI), the Bulletin said.It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to
promote the underlying technology of cryptocurrency and its uses
Earlier this week, Sitharaman in the Rajya Sabha while replying to a series of questions had said the new bill takes into account the
rapidly changing dimensions in virtual currency space, and incorporates features of the earlier bill that could not be taken up.Asked if the
government proposes to ban misleading advertisements in media, she had said the guidelines of Advertising Standards Council of India are
being studied and their regulations are also being looked into "so that we can take, if necessary, some kind of a position or a decision to
see how we are going to handle it".She had said the government, RBI and Sebi have been cautioning people about the cryptocurrencies that
could be a "high risk" area and "more can be done" to create awareness
On the economic growth, Sitharaman at the HT Leadership Summit said, the GDP number this year would be very encouraging and India would
emerge as the fastest-growing large economy in the world.With regard to food inflation, she said, there are supply constraints because of
floods in some parts of the country leading to price rise of perishable products
She, however, expressed hope that prices of those commodities in short supply would cool down by January.On edible oil, she said, enough and
more imports have been allowed and that should take care of the spike in prices
With a fresh harvest of mustard seeds, she said prices of that would also moderate soon.Asked about meeting the disinvestment target of Rs
1.75 lakh crore during the current financial year, she said, "we are progressing with each one of them (BPCL strategic sale, LIC IPO)
