It's good to remain optimistic and positive but always better to expect the worst and plan for it. This is what our Union finance and corporate affairs minister Nirmala Sitharaman had to say on the crypto ban draft bill with Deepshikha Sikarwar and Vinay Pandey in an interview with ET.
ET: The report on cryptocurrency that recommends a sovereign digital currency and stringent punishment and fines for private digital currency has just come out. When are you proposing to take the legislation to Cabinet?
FM: I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well.
They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought-out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on.
As you can understand from the report she is definitely considering the work put into this by the Garg committee to be of great value.
However, after going through the report my stance is that this garbage bill calling for a blanket ban needs to be thrown out and a fresh one made in consultation with citizens of our country.
But that's unlikely to happen when this country continues to be led by people who are clueless and far distanced from rapid changes in technology that's largely beyond their grasp. They employ people who only nod their heads in agreement without ever questioning logic and reality.
Crypto matter is up for hearing today after new dates being issued almost everyday. Let's see how things move forward in the Supreme Court. I do expect the Finance Ministry to take cognisance of the proceedings in the court and then perhaps proceed with legislation.
Worst case I expect the FM to take this to the cabinet, get it passed, make it a law and then have the law challenged in the Supreme Court with cases running for months if not years. That's certainly a possibility with this government given how it's machinery is functioning in other areas.
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This is ridiculous but not surprising at all. This so-called right-wing government is economically more left than even communists! What an absolute joke this country has become! First the government destroyed the textile sector, then manufacturing sector, then food-processing, then stock markets and now crypto sector and automobile. I'm just too stunned to say anything more. The only solution to end this mess is maybe that an asteroid from the sky falls and rids everyone of their pains because the way things are going, people (I'm talking about everyone in general) are soon going to have to start making bowls out of the clay found near our rivers. I guess that's the ultimate dream of our great leader: a poor India, a new India, back to Stone Age.
True that and you hit the nail on it's head!
Already these guys messed up RTI bill. This is not difficult for them to pass. Stumbled up on watching a leader explaining dark web and Crypto are realated things like he was done some extensive research. I doubt that committee which prepared the bill also filled by same type of ignorance people.
Definitely crypto holders should campaign for good bill.
10 years jail !?
Like even murderers coming out of jail faster than that.
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Yes. Time is right for crypto community in India to unite against this!
India is a country where not wearing helmet while driving, is a big crime but it is not a crime for the authorities to neglect the conditions of the road. Many people are killed here because of bad services from the government but governments are never questioned. They want to put blanket ban on cryptos stating it as a medium of financing illicit businesses but they forgot that criminals are way ahead of them.
They are unable to catch the people who absconded after billions of rupees from banks. But, they want to arrest the innocent crypto lover.
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Shows where their priorities lie eh? Tax the poor and let the rich scum go scott free.
Let's hope for some best minds join the decision taking.