India’s Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in regulating the cryptocurrency sector. She also confirmed that the Indian regulators’ cryptocurrency awareness campaign will continue to alert people to the risks of investing in cryptocurrencies.
Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign
India’s Finance Minister Nirmala Sitharaman answered some questions about cryptocurrencies during a press conference on Monday. She said:
In India, cryptocurrencies are on the G20 agenda. This is because we believe that technology-driven crypto asset creation and the buying and selling of assets in the crypto world will have to rely on international cooperation.
“The reason is that they can be anywhere but operate in India or they can be in India but operate elsewhere,” the Indian finance chief added.
Sitharaman also addressed the issue of young Indians, particularly students, investing their pocket money in risky crypto assets in the hope of generating higher profits.
“On the issue of concern for young people that you raised, we have regulators and national security repository centers that have also done a lot of campaigning. And this campaign goes on from time to time to alert people that it is a high-risk area and that they should be vigilant,” he detailed. Indian regulators launched a cryptocurrency awareness campaign in January. The finance minister noted that the government aims to educate people about cryptocurrencies and make them aware of the potential risks involved.
Regarding the cryptocurrency bill that the government has been working on for quite some time, the finance minister said:
Regarding the bill, the discussion continues and when there is an update, we will let you know.
Sitharaman recently revealed that India is having detailed discussions on how to regulate cryptocurrencies with members of the G20 so that a standard operating protocol (SOP) can be established. The government plans to introduce measures around cryptocurrencies this year, an official said earlier this month. Meanwhile, the government has imposed new fines for crypto taxes.
Do you think India will start regulating cryptocurrencies this year? Let us know in the comments section.
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