Indian Finance Minister Nirmala Sitharaman answered several questions about cryptocurrencies during a press conference on Monday.
“In India, cryptocurrencies are on the agenda of the G20. This is because we believe that creating, buying and selling crypto assets based on technology in the crypto world will require international cooperation.
The reason is that they can do business anywhere but not in India, or they can do business in India but do business elsewhere. “
Sitharaman also touched on the issue of young Indians, especially students, investing in risky crypto assets for greater returns.
“There’s also been a lot of campaigning by our regulators and the National Security Depository Center in terms of the focus on young people. And that’s been done from time to time to warn people that it’s a high-risk area and they should be aware of that.”
#India Measures to be introduced #cryptocurrency This year, confirm the finance minister @azcoinnews https://t.co/M8PiyGKyFr
— Kyptos (@azcoinnews) February 23, 2023
Indian regulators launched a cryptocurrency awareness campaign in January, with the finance minister stating that the government wants to educate people about cryptocurrencies and make them aware of the potential risks associated with cryptocurrencies.
Regarding the cryptocurrency bill, which the government has been working on for quite some time, the finance minister said:
“Discussions are still ongoing with respect to the bill and we will keep you updated as we have new updates.”
Sitharaman recently revealed that India is discussing with G20 members the details of how to regulate cryptocurrencies in order to establish a standard operating protocol (SOP). The government plans to introduce measures on cryptocurrencies this year, an official said earlier this month. Meanwhile, the government has imposed new crypto tax penalties.
- India aims to develop cryptocurrency regulatory framework this year
- India Wants G20 to Unify Crypto Regulation
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according to Kyptos
