India’s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister
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Finance Minister on Indian Crypto Regulation
Indian Finance Minister, Nirmala Sitharaman, discussed Cryptocurrency regulations on Wednesday at a campfire chat organized by the Faculty of Medicine, Stanford University.He explained that India would not be in a hurry to complete the country’s crypto policy. Instead, he said India would make a decision based on consideration due to multilateral forums, Mint reported.
Sitharaman recognizes that blockchain technology has the potential to improve the Indian economy. “Blockchain is full of potential not only in the payment arena but also in many other people,” he explained, adding:However, the Minister of Finance also stressed that “it can also be manipulated for a purpose that is not so desirable – whether it is money laundering or leads to terror financing.”
The Minister of Finance noted that this was a concern for many countries, not only India. He opinionated:Indian Ministry of Finance officials have consulted with international organizations, including international monetary funds (IMF) and the World Bank. Implementing Director of IMF Kristalina Georgieva said last week that India was “on the front lines of digital currencies, especially the central bank digital currency and how he handles risk reduction from crypto assets for the people and Indian businesses.”
While the Indian government is working on the country’s crypto policy, Crypto revenue is subject to a tax of 30%. On July 1, a 1% tax was reduced in Source (TDS) to start collecting all crypto transactions.
Finance Minister on Indian Crypto Regulation Indian Finance Minister, Nirmala Sitharaman, discussed Cryptocurrency regulations on Wednesday at a campfire chat organized by the Faculty of Medicine, Stanford University.He explained that India would not be in a hurry to complete the country’s crypto policy. Instead, he said India would make a decision based on consideration due…