The Indian finance minister has finally given some clues as to what is in the cryptocurrency bill that is about to be introduced in parliament. She didn’t mention a crypto ban and said the government would take a “very calibrated” approach to cryptocurrencies.
The Indian finance minister gives hints about the upcoming crypto regulation
Indian Finance Minister Nirmala Sitharaman shed light on the upcoming crypto settlement in her country during the IBLA City Hall on CNBC-TV18 on Friday. This is the first time she has spoken about the content of the law and the Indian government’s plans to regulate cryptocurrencies since the law was enacted in parliament.
“A lot of negotiations about the cryptocurrency [and] Talks with the reserve bank are taking place because the Supreme Court decision made it very clear that the government must take a phone call on the matter. We’re talking to the Reserve Bank, ”she confirmed. “Well, I’m not sure before the Cabinet takes a phone call, let me give you some pointers on what’s in it.”
She continued, “Of course the reserve bank will answer a call like what kind of official currency, cryptocurrency, needs to be planned and regulated, but we also want to make sure that there is a window available for all kinds of experiments that are going on in the Crypto world must take place. “The finance minister emphasized:
And so it’s not like we look inward and say no, we won’t get any of it. A very calibrated position is taken.
“A lot of mixed messages come from all over the world. I don’t think there is either a full way or a full way on this matter, ”she added, explaining:
We have to take a very calibrated position. [The] The world is moving fast with technology. We can’t pretend we don’t want to.
In addition, the finance minister stated: “At the same time, we recognize that we have played a pioneering role in the fintech sector. A lot of countries look to us for fintech, for steps, for things, and for the things we did in paying duniya. “
She then concluded, “So I would think I can only point out to you that we are not closing our minds. We are certainly investigating how experiments can take place in the digital world, in cryptocurrency, etc. “
Minister Anurag Thakur also announces the government’s position on cryptocurrency regulation
On Saturday, Minister of State for Finance Anurag Thakur also spoke about India’s upcoming regulation of cryptocurrency. The Government of India said the Government of India is open to evaluating and researching new technologies, including cryptocurrencies, to improve governance, quoting the media as saying:
Let me say that we embrace innovation and new technology … Blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. I firmly believe that we always have to openly evaluate, research and promote new ideas.
The minister added that the government would make a decision based on the recommendations of the Inter-Ministerial Committee (IMC) and the legislative proposal. He noted that the bill on cryptocurrency will be introduced through due process in parliament, inviting proposals and views on the matter.
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