Nirmala Sihtaraman once again slammed private digital currencies but admitted that blockchain technology is useful.
Nirmala Sihtaraman is the finance minister of India and over the past few years, she passed many rules over the crypto industry. In early 2022, the finance ministry introduced a 30% crypto tax on the profit generated on every crypto transaction and to trace the crypto transactions activities, the ministry introduced a 1% TDS system. Under the G-20 presidency, the Indian finance ministry also brought crypto regulation as an important agenda in G-20 meetings.
Nirmala Sihtaraman shared that the result came from the latest meetings in G-20 and said that anything outside the Central Banks will not be treated as currency, which was already a long position by the Indian Central Bank.
Further, on the illegal activities linked with cryptocurrencies, Sitharaman said that there should be a proper regulatory framework.
Interestingly, the Indian finance minister supported blockchain technology. She said that distributed ledger technology (DLT) behind cryptocurrencies & stablecoins is useful.
Breaking
: “There is a clear understanding that anything outside of the central bank is not a Currency.
This position has been taken by India
Says FM Nirmala Sitharaman pic.twitter.com/zgdWnD913r
— KoinX (@getkoinx) February 26, 2023
: “There is a clear understanding that anything outside of the central bank is not a Currency.
for a long time & is now supported by G20 members.”
Now experts believe that new rules may probably come out for crypto investors & crypto companies. In favour of crypto Investors, tax % will be changed significantly, and also regulatory policies will force all the decentralized crypto companies to go under a highly decentralized nature citing risks of manipulation & control of users’ funds.
Despite Crypto ban discussions in G-20 meetings, India has proposed a joint technical paper by the International Monetary Fund (IMF) and Switzerland-based Financial Stability Board (FSB). The joint paper will be submitted by Sep 2023.
Here we should keep in our mind that the final G-20 meetings & post efforts outcomes will come into light in the public domain in probably October of this year and also that the FSB agency is already working on a global crypto regulation system.
Read also: US Treasury Secretary suggests strict crypto regulation, not ban
Indian finance minister says anything outside of the central bank is not a Currency
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