Tuesday, May 11, 2021

Indian finance minister sheds some light on the upcoming crypto regulations.

The Takeaway:

The Indian finance minister has finally revealed clues about what is in the cryptocurrency bill due to be introduced soon in the parliament.

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The Indian finance minister Nirmala Sitharaman has finally revealed clues about what is in the cryptocurrency bill due to be introduced in parliament. Mentioning no crypto ban, she said that the government would take “a very calibrated” approach to cryptocurrencies. The finance minister shed some light on the upcoming crypto regulation in India during CNBC-TV18’s IBLA townhall Friday. This is the first time she talked about the content of the bill and the Indian government’s plans on regulating cryptocurrencies. 

 

The finance minister hints at not banning crypto entirely. 

The Indian finance minister said, “On the cryptocurrency, yes, a lot of negotiations discussions are happening with the Reserve Bank because the supreme court order had very clearly told that the government has to take a call on the matter. We are talking with the Reserve Bank,” she informed. She continued, “Obviously, the Reserve Bank will be taking a call on how what kind of an official currency, cryptocurrency, will have to be planned and how it has to be regulated, but also we want to make sure that there is a window available for all kind of experiments which will have to take place in the crypto world.” 

 

“Indian government is open to evaluating and exploring cryptocurrencies.”

Minister of State for Finance Anurag Thakur also spoke about India’s upcoming cryptocurrency regulation. He stated that the Indian government is open to evaluating and exploring new technologies, including cryptocurrencies, for the sake of improving governance. He was quoted saying, “We welcome innovation and new technology … Blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. I firmly believe that we must always evaluate, explore, and encourage new ideas with an open mind.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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