India To Take A Considered View On Crypto: Finance Minister Nirmala Sitharaman
Date
4/28/2022 2:07:13 AM
(MENAFN- Trend News Agency)
Flagging concerns over likely misuse of crypto, Finance Minister
Nirmala Sitharaman has said India will take a considerate decision
on regulation around the virtual currency.
The decision on crypto will not be rushed through, she said in
an interaction at Stanford University.
“It will have to take its time…all of us to be sure that at
least with a given available information, we're taking the decern
decision. It can't be rushed through,” she said.
The Minister clarified that the government is open to promote
innovation and well-grounded progress made in the distributed
ledger technologies, which are coming in the blockchain.
“So, our intention is in no way to hurt this (innovation around
crypto)…but (we need to) define for ourselves…,” she said.
Cryptocurrencies can also be manipulated for money laundering or
terror financing, the minister noted.
So, these are some of the concerns, not just India, but many
countries of the world have and are also discussed in global,
multilateral platforms, she added.
India is planning to introduce central bank-backed digital
currency or Central Bank Digital Currency (CBDC).
Sitharaman, in her Budget speech on February 1, had announced
that the digital rupee or CBDC would be issued by the RBI in the
coming fiscal year.
She had also announced that the government will levy a 30 per
cent tax on gains made from any other private digital assets from
April 1.
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