Government has confirmed the new cryptocurrency bill is not the same as the previous one.
The government is keeping an eye on the crypto industry and the risks it poses, according to the finance minister.
Nirmala Sitharaman, India's Finance Minister, has acknowledged that the government's new crypto law, which is slated to be submitted in the current session of Parliament, is not the same as the one from 2019.
"We are in a position where we are close to bringing a bill in Parliament," she said today, November 30, during the Winter Session.
The government, according to Sitharaman, is keeping a watch on the crypto industry and the concerns it presents."Risk that cryptocurrencies can lead to undesirable activities is being closely monitored," she said.
Sitharaman further highlighted that the Indian government has yet to decide whether or not to prohibit crypto exchanges from advertising.
Earlier this year, in July, a petition was filed with the Delhi High Court, asking for a formal framework for domestic cryptocurrency exchanges to advertise on television. Judges DN Patel and Jyoti Singh of the bench transferred the blame to the government, the Securities and Exchange Board of India (SEBI), and Indian cryptocurrency exchanges WazirX, CoinDCX, and CoinSwitch Kuber to work things out.
Advertisements that have previously been broadcast have included disclaimers, but the request states that they are too small to read and should be broadcast at a regular size. SEBI should publish guidelines, according to the petitioners, that require the disclaimer on crypto adverts to cover at least 80% of the screen.
Sitharaman's remarks come after she told Parliament on November 29 that India had no plans to recognise Bitcoin as a currency.
She also told the Lok Sabha that the government does not obtain data on Bitcoin transactions.