Wednesday, 08 February 2023

 

 

LATEST NEWS Bhagwant Mann Invites Industrial Captains To Be Part Of Invest Punjab Summit Bhagwant Mann Announces To Lay Major Thrust On Development Of Industry In Border Districts Of The State Bhagwant Mann Pats Girl Students Of Amritsar School For Manufacturing Chip For ISRO Sports Minister Meet Hayer honours Indian Hockey players DC Rajouri Vikas Kundal inspects facilities in Addiction Treatment Facility of GMC & AH DC inaugurates JK Bank CRMs at Cama Housing Colony, Gole Market Udhampur Kultar Singh Sandhwan discussed with MLAs and Thinkers regarding Mother Language Day DDC Rajouri Vikas Kundal launches construction work on Saaj Bassan to Dhakan Road Project Awareness program on Menstrual Hygiene held at BHQ Bishnah Arun Gandotra chairs JKLFCs’ 245th Board of Directors meeting PD&MD holds regional workshop on Sustainable Development Goals Ensure availability of quality oils for agri, horticulture sectors : Atal Dulloo asks officers Nushrratt Bharuccha shares sneak-peek of 'Akelli' Punjab to soon be front-running industrial hub : Bhagwant Mann Two Nigerians held for duping woman of Rs 70,000 Clare Connor, Justin Langer, Graeme Smith join MCC World Cricket Committee Punjab to reduce paddy straw burning cases by 50% : Vijay Kumar Janjua Phoebe Litchfield, Beth Mooney, Grace Scrivens shortlist for ICC Women's Player of the Month for January 2023 She was in pain and wanted me to hit more sixes': Chris Gayle recalls when he broke a fan's nose with a six Olivia Colman is unrecognisable in the new 'Great Expectations' trailer Shubman Gill, Mohammad Siraj in shortlist for Men's Player of the Month for January 2023

 

RBI seeks regulations on cryptocurrencies : Nirmala Sitharaman in Lok Sabha

Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, BJP, Bharatiya Janata Party, Lok Sabha, Reserve Bank of India, RBI

Web Admin

Web Admin

5 Dariya News

New Delhi , 18 Jul 2022

Finance Minister Nirmala Sitharaman on Monday said in the Lok Sabha that the Reserve Bank of India (RBI) has recommended framing of regulations for cryptocurrencies. 

The Indian government wants an international collaboration if such a ban has to be put into effect, said Sitharaman."In view of the concerns expressed by RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country, RBI has recommended framing of legislation on this sector. 

RBI is of the view that cryptocurrencies should be prohibited," said the Finance minister.The minister in the Lower House said that cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. 

"Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards," she said.

While replying to a question, whether RBI has issued instructions, circulars, directions, warnings, etc., regarding restricting the issuance, buying, selling, holding and circulation of Cryptocurrency in India during the last ten years, Sitharaman said, "RBI has been cautioning users, holders and traders of Virtual Currencies (VCs) vide public notices on December 24, 2013, February 01, 2017 and December 05, 2017 that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks. 

RBI had also issued a circular on April 6, 2018 prohibiting its regulated entities to deal in virtual currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs.

"She added that RBI, with its circular dated May 31, 2021 has also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), obligations under Prevention of Money Laundering Act (PMLA), 2002, etc., in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

"RBI mentioned that cryptocurrencies are not a currency because every modern currency needs to be issued by the Central Bank / Government.

Further, the value of fiat currencies is anchored by monetary policy and their status as legal tender, however the value of cryptocurrencies rests solely on the speculations and expectations of high returns that are not well anchored, so it will have a de-stabilising effect on the monetary and fiscal stability of a country," she added.

 

Tags: Nirmala Sitharaman , Union Minister for Finance & Corporate Affairs , BJP , Bharatiya Janata Party , Lok Sabha , Reserve Bank of India , RBI

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2023 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD