Opposition calls for law to regulate cryptocurrency  

In LS, Congress says govt. is sending mixed signals on virtual digital assets and demands clarity

In the Lok Sabha, while debating the Finance Bill, Opposition members on Friday stressed the need for a legal framework to regulate virtual digital assets such as cryptocurrencies that can be misused to finance terror and narcotics smuggling.

Opening the debate, Congress member Gaurav Gogoi said the government was sending mixed signals on virtual digital assets and demanded clarity on the definition of crypto.

“I expect the policy to come out sooner than later... crypto is a risk at the moment,” 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 demanded a ban on crypto, saying various committees had suggested so and questioned the imposition of 30% tax on capital gain out of virtual digital assets when there was no legislation on them (digital assets).

Danish Ali of the Bahujan Samaj Party (BSP) also asked the government to clarify its position on cryptocurrency whether it was legal or not.

The rise in prices of fuel was another issue that was taken up by the Opposition members.

“For one month, they could keep the prices stable. What has changed now?...Just because [five State Assembly] elections are over. That’s how you repay the people who put you back to power,” Mr. Gogoi said.