'I understand the impatience but I'm sorry,' Finance Minister of India on crypto regulation
India is not rushing into the introduction of crypto regulation, says the Finance Minister of the nation, Nirmala Sitharaman. Authorities plan to take a "well-considered" view before bringing regulations and have no plans of raining down too heavily on cryptocurrency adoption or on the progress made in the distributed ledger technologies.
India has "concerns"
While Sitharaman believes that the technology behind cryptocurrencies is very beneficial, she added that it could be used for a number of other purposes, and this is what concerns the authorities in India. "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," Sitharaman said during an interaction with students and faculty at Stanford University in California."There is impatience outside saying what are you doing about crypto... I understand the impatience, but I'm sorry, that's how it is going to be," she said. "Our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves."Recently, Cryptonary saw the imposition of a heavy tax on cryptocurrency trading and investment in the nation which caused a drop in trading volumes across all exchanges, noted the CEO of CoinDCX, a popular cryptocurrency exchange in India.
Plans to introduce CBDC in 2023
On Feb 1, 2022, Sitharaman said in her Union Budget speech that India might see the arrival of central bank digital currency (CBDC) by the end of the fiscal year in 2023. As previously noted by Cryptonary, the Reserve Bank of India (RBI) is currently focusing on two areas for CBDC rollout: wholesale account-based and retail. On the other hand, other countries are also exploring CBDCs as per our data.Continue reading by joining Cryptonary Pro
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