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Thursday, June 1, 2023

Indian Finance Minister Pushes for International Cooperation on Crypto Regulation

Indian Finance Minister Pushes for International Cooperation on Crypto Regulation – During a recent press conference, Nirmala Sitharaman, the Finance Minister of India, emphasized the significance of global collaboration for effectively regulating the cryptocurrency industry. She also affirmed that Indian regulatory authorities would continue their campaign to raise awareness about the potential hazards associated with investing in cryptocurrencies. Sitharaman fielded several questions about cryptocurrencies at the press conference earlier this week.

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She said: “In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling of assets in the crypto world will have to have international cooperation.” “The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added.

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Sitharaman spoke about the concern of young Indians, especially students, investing their pocket money in volatile cryptocurrency assets, expecting to make significant profits. “In the matter of concern for youngsters going into it which you raised, we have both regulators and national security deposit centers which have also done a lot of campaigning.”

“And this campaign continues every now and then to alert people that it is a high-risk area and they should be aware of it,” she detailed. In January, Indian regulators initiated a campaign to raise awareness about cryptocurrencies. The finance minister stated that the government’s objective is to educate the public about cryptocurrency and caution them about the potential hazards associated with it.

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Regarding the cryptocurrency bill that the government has been working on for quite some time, the finance minister said: “With regard to the bill, discussion continues and when there is some update, we will let you know.” Sitharaman disclosed that India is engaged in comprehensive deliberations with G20 members to establish a standard operating protocol (SOP) for regulating cryptocurrencies. The government aims to introduce regulatory measures for cryptocurrencies this year, according to an official statement earlier this month. In the meantime, the government has imposed fresh penalties on cryptocurrency taxes.


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