India will take Decision on crypto Regulation Says Nirmala Sitharaman
Indian Finance Minister Nirmala Sitharaman states that the country's crypto policy will not be rushed. "Out intention is no way to hurt the ecosystem, or to even say that we don't need it"
India's finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat organized by Standford University School of Medicine.
Nirmala Sitharaman said that India will not rush to finalize the country's crypto policy, and also will take an informed judgment after due considerations across multilateral fora.
Sitharaman admitted that blockchain technology has the possibility to improve India's economy. "Blockchain is full of potential not just in the payments arena but also in many others."
"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."
The finance minister also highlighted that "it also can be manipulated for not so desirable ends whether it is money laundering or leading to financing terror"
"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 global organizations including the International Monetary Fund (IMF) and the World Bank. IMF Managing Director Kristalina Georgieva said that India is "on the frontline of digital currencies, particularly 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.