India will take a Considerate decision on Regulation around Cryptocurrency: Nirmala Sitharaman

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India will take a Considerate decision on Regulation around Cryptocurrency: Nirmala Sitharaman
30 Apr 2022
6 min read

News Synopsis

Union Finance Minister of India, Nirmala Sitharaman while expressing concerns over the possible misuse of cryptocurrency, said that India will take a considerate decision on regulation around the digital currency. In an interaction at Stanford University, Nirmala Sitharaman informed that the decision on cryptocurrency will not be rushed through. The Finance Minister in a statement, said, "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 further told that the Indian Government is open to promoting innovation and well-structured progress made in the distributed ledger technologies, which are happening in the blockchain.

She further commented, "So, our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves.”. The Indian Finance Minister further expressed her concerns and told that Cryptocurrencies can also be manipulated for money laundering or for funding terror activities. Additionally, India is considering introducing central bank-backed digital currency or Central Bank Digital Currency (CBDC). In her Budget Speech made on February 1, the Finance Minister announced that the digital rupee or CBDC would be issued by the Reserve Bank of India in the coming fiscal year.

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