Nirmala Sihtaraman finally shared the India’ Crypto regulatory approach and also explained why the Indian finance ministry failed to talk about Crypto regulation in recent events.
In India use of blockchain technology is surging among private companies to government agencies, thanks to the reliability & potential of the data process technology in the blockchain network. Indian Central Bank RBI also developed its Central Bank Digital Currency, or say digital rupee. With the help of four leading banks, RBI is running a CBDC pilot program in the country.
On 11 Feb 2023, Nirmala Sitharaman, the Indian finance minister, explained why the ministry didn’t talk about Crypto or related efforts by the government agencies.
The Indian finance minister said that Crypto involves 99% of the role of the technology to interact with people and its nature makes it tough to regulate by a single country.
Further Sitharaman said that India is in talks with many countries to bring a global regulatory framework to regulate the crypto sector because a single country can’t regulate it.
In short, the Indian finance minister confirmed that India did nothing for the crypto regulation framework development but is planning to work collaboratively with other countries to bring a perfect crypto regulation framework.
A few days ago, the Indian finance minister also passed a similar kind of statement and confirmed that Crypto can’t be regulated by a single country.
Few Crypto Twitter users noted that the Indian finance minister is admitting that Crypto is backed by 99% technology factor but still she is not clearly saying that India will regulate this sector, instead, she is still showing that India is not 100% sure to go with regulation or ban.