Indian Finance Minister Denies of Separate Framework on NFTs


As the second day of the winter session on India’s crypto bill goes smoothly with positive points towards crypto regulation within the country.

Currently, the crypto bill is a highly debated topic in the Indian Parliament. The crypto bill was drafted by Finance Ministry officials. Now the crypto bill is awaiting Cabinet approval to show up in Parliament.

While today is the second day of the winter sessions of Parliament, several ministers raised their questions about the crypto bill, which is based on finance minister planning and forecasting regulation.

During the session the minister discussed several questions and their answers, but the important thing was that there were no talks in regards to the “crypto ban“. Throughout the session, no one said that the Government of India should ban and comment on negative usage cases and frameworks to control the flow of crypto.

According to Indian Finance Minister Nirmala Sitharaman, the crypto bill introduced in February lags behind the information on the crypto industry, however the new crypto bill in India has undergone many changes with accurate information regarding the same.

While one of the MPs asked, “Does the crypto bill have a specific framework for the crypto project of NFTs that are independent of the crypto industry?”

To which Nirmala said:

The issue has already been discussed but they have not yet formulated a separate framework on the regulation of NFTs.

When asked about the information on tax collection the Minister said:

“Tax collection information on crypto is not available”

While discussing about the risks associated with crypto, the minister said they had closely examined all the potential risks posed by the usage of crypto.

Talking about misleading crypto-related advertising, the minister said the “Indian Advertising Regulator, ASIC, was reviewing restrictions on crypto advertising”.

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