Minister on Tuesday clarified in Rajya Sabha that the government is not considering a ban on advertisements and that a bill will be introduced in Parliament after Cabinet approval.
This is a risky area and not in a complete regulatory framework. We are not considering a ban on the advertisements, but we've taken steps to warn the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being examined and the regulations are being looked into, so we can take a decision on how to handle it, if necessary, said Sitharaman.
Once the Cabinet is clears it, the government will introduce a bill related to cryptocurrencies.
Last week, the government had listed a bill for the ongoing winter session of Parliament that would ban all private criptocurrencies.
The list of business for the winter session of Parliament lists the exceptions to which the underlying technology and its uses can be promoted, according to the Act on the Regulation and Control of Official Digital Currency Bill, 2021, which seeks to prohibit all private cryptocurrencies in India.
The Bill aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI earlier this month, Prime Minister Narendra Modi said earlier this month that attempts were being made to mislead youth by over-promising and non-transparent advertising and should be stopped.