Finance minister Nirmala Sitharaman on Saturday said a lot of speculation was taking place on cryptocurrencies. Her comments come against the backdrop of the government preparing to come out with a legislation to regulate cryptocurrencies.

The finance minister said there is certainly a well consulted bill which is coming in Parliament after the Cabinet nod.

“There is a lot of speculation...that’s not healthy at all,” she said in a reply to a question if she thinks that a lot of unregulated speculation is taking place on crypto.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 has been included in the Lok Sabha Bulletin-Part II for the introduction in the Winter Session.

The bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the RBI, the Bulletin said. It also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.