India’s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister

India's Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister

Indian Finance Minister Nirmala Sitharaman says that the country’s crypto policy will not be rushed. “Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it,” she added.

Finance Minister on Indian Crypto Regulation

India’s finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat organized by Stanford University School of Medicine.

She explained that India will not rush to finalize the country’s crypto policy. On the contrary, she said India will take an informed decision after due deliberations across multilateral fora, the Mint reported.

Sitharaman admitted that blockchain technology has the potential to improve India’s economy. “Blockchain is full of potential not just in the payments arena but also in many others,” she described, adding:

Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it, but to define for ourselves how we need them and in what ways their growth should be facilitated and how we are going to handle it.

However, the finance minister also emphasized that “it also can be manipulated for not so desirable ends — whether it is money laundering or leading to financing terror.”

The finance minister noted that these are concerns for many countries, not just India. She opined:

It has to take its time for all of us to be sure that at least, with the given available information, we are making a discerned decision. It can’t be rushed.

Indian finance ministry officials have been consulting with international organizations, including the International Monetary Fund (IMF) and the World Bank. IMF Managing Director Kristalina Georgieva said last week that India is “on the frontline of digital currencies, especially central bank digital currency and how it handles a reduction of risk from crypto assets for the Indian people and businesses.”

While the Indian government is working on the country’s crypto policy, crypto income is taxed at 30%. On July 1, a 1% tax deducted at source (TDS) will start levying in on all crypto transactions.

What do you think about the Indian finance minister’s comments regarding cryptocurrency regulation? Let us know in the comments section below.



from Bitcoin News https://ift.tt/0aBj5bI

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more