Indian Finance minister says no separate framework on NFTs

The second day of the winter session on the crypto bill of India goes smoothly with positive points toward crypto regulation.

At present, the crypto bill is under the heat of discussion in the Indian Parliament House. The bill on crypto is prepared by the officials of the finance ministry. Right now the crypto bill is waiting to get the approval of the Cabinet ministers to show in the parliament session. 

Today is the 2nd day of parliament’s winter session discussion. Today multiple ministers raised their questions over the planning and expected regulation based crypto bill of the finance minister. 

However, the minister did debate on many types of questions and answers but the main important thing was no voice to support “crypto ban”. In the whole session, no one said that the Indian government should ban and but raised their point of view on the negative use cases and frameworks to regulate crypto. 

According to Nirmala Sitharaman, finance minister of India, the crypto bill, which was introduced in February, was lagging in terms of information on the crypto industry but the new crypto bill of India has lots of changes with proper information. 

One of the members in parliament House asked, will the crypto bill have a separate framework on NFTs crypto project independent to the crypto industry? Then Nirmala said that matter is already discussed but right now they haven’t made any kind of separate framework on the NFTs regulation. 

On the Tax collection data, the Minister said that they have no information regarding it. 

“no information available on tax collected from crypto readily available”

On The question of risks associated with crypto, the minister said that they perfectly monitored all the associated risks that are possible with crypto use. 

On the question of the misleading crypto-related advertisement without disclaimer, the Minister said that Indian advertisement regulatory body “ASIC regulations are being looked into for crypto ads”. 

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