Finance Minister Nirmala Sitharaman has cleared some air on the crypto regulation while giving a speech at Stanford University that India will have a measured approach to the regulation of digital assets. She ensures that the government will not rush its decision to regulate cryptocurrency.
Finance Minister Nirmala Sitharaman went on to say that:
“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”.
India has taken a strong stance on digital assets thus far. The government imposed a 30% tax on digital asset incomes earlier this year, one of the highest in the world, in February 2022. Many investors have been put off from investing in the crypto market as a result of this. Furthermore, she stated that there is a decrease in crypto trading volumes on Indian exchanges.
Exchanges, on the other hand, are having difficulty coping with fiat payment systems like UPI. Some of the largest exchanges, including Coinbase and WazirX, have been identified by the NPCI, the UPI’s regulating agency, for utilising the UPI payment method.
The Indian Finance Minister ensures in a recent speech at Stanford that the government’s intention is not to restrict innovation in the crypto field. They’re also making a way to promote fresh blockchain advancements.
Sitharaman, the Finance Minister, stated:
“So, our intention is in no way to hurt this (innovation around crypto)…but (we need to) define for ourselves…”
