The recommendation was made days after a top court ordered a probe into a USD 100-million digital currency fraud.
The case against him at that time was for running an investment plan called ‘Morris Coin Investment Plan 300 days’.
It also called upon the government to allow persons holding crypto currencies to sell or exchange the same within a short span of time subject to provision of submitting the information to I-T.
The government listed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Winter Session of Parliament.
Jen Easterly, a top US cybersecurity defense official, deemed the flaw “one of the most serious I’ve seen in my entire career, if not the most serious.”
India is contemplating bringing a bill in Parliament to deal with the challenges posed by the unregulated cryptocurrencies.
They also suggested that whenever a bill will be brought, it will be referred to the parliamentary standing committee for wider deliberations with stakeholders.
The Parliamentary Committee on Home Affairs has voiced concerns over the increasing use of digital currencies and darknet for drug trafficking.
Lesson from farm laws: Government going slow on crypto-currency, other major bills in winter session
The government had unveiled plans to seek parliamentary nod for a total of 29 bills, including three that had been previously introduced in the lower house.
The NFT buzz reached a high decibel when actor Amitabh Bachchan and cricketer Dinesh Karthik spoke in October 2021 about selling NFTS to possibly make millions.
Earlier, there were reports that under the new draft bill there is provision of punishment of any violation, a fine of Rs 20 crore or about $2.7 million, or imprisonment of 1.5 years will be slapped.
Raising the issue during the Zero Hour in the Lok Sabha, he likened the situation prevailing in the country with respect to cryptocurrencies with 'Tulip mania' in Holland in 1600s.
The cryptocurrency bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI), the Bulletin said.
Her comments come at a time when the government is preparing to come out with legislation to regulate cryptocurrencies and resonates with what Prime Minister Narendra Modi had warned last month.
Stating that data is the 'new oil', he said that nations have the right to build and protect strategic digital infrastructure.