The opposition is calling for a law to regulate cryptocurrency


In LS, Congress says govt. sends mixed signals on virtual digital assets and calls for clarity

In LS, Congress says govt. sends mixed signals on virtual digital assets and calls for clarity

In the Lok Sabha on Friday, during the Finance Bill debate, opposition members stressed the need for a legal framework to regulate virtual digital assets such as cryptocurrencies, which can be misused to finance terror and drug smuggling.

Congress member Gaurav Gogoi opened the debate, saying the government is sending mixed signals on virtual digital assets and calling for clarity on the definition of crypto.

“I expect the policy will be released sooner or later…Crypto is a risk right now,” Mr. Gogoi said, noting that virtual digital assets should not become a preferred route for money laundering, drug smuggling or crime.

Supriya Sule of the NCP called for a crypto ban, saying various committees had proposed it and questioned imposing a 30 percent tax on capital gains from virtual digital assets when there was no legislation on it (digital assets).

Danish Ali from the Bahujan Samaj Party (BSP) also called on the government to clarify its position on cryptocurrency, whether it is legal or not.

fuel prices rise

Rising fuel prices was another issue taken up by opposition members.

“They were able to keep the prices stable for a month. What has changed now? … Only because [five State Assembly] elections are over. That’s how you repay the people you put back in power,” Mr Gogoi said.

“Jingoism is the only antidote this government is offering to the poor, regardless of record unemployment, high inequality and inflation. People are expected to really put all their trust in the leader [the Prime Minister]’ said the congressman.

Trinamool Congress member Aparupa Poddar said the government is talking about increasing GDP, which means gas, diesel and petrol prices, and wanted to know how much black money is being saved due to demonization.

NK Premchandran (RSP) credited the finance minister for presenting a “balanced” finance bill and said it was the right time for the Goods and Services Tax (GST) review given the complexity involved.

Earlier, during zero hour, members of Congress, DMK, NCP, Left, Viduthalai Chiruthaigal Katchi and IUML left the house to voice their protest against the fuel price hike.

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