India’s finance minister, Nirmala Sisaraman, said the country’s cryptocurrency policy would not be rushed. “Our intention is not to hurt the ecosystem, nor to even say that we don’t need it,” she added.
Minister of Finance on Indian Cryptographic Regulations
India’s Finance Minister, Nirmala Sisaraman, discussed cryptocurrency regulations on Wednesday in a chat by the fireplace hosted by Stanford University School of Medicine.
She explained that India would not rush to finalize the country’s crypto policy. On the contrary, she said India would make informed decisions after thorough deliberation in the multilateral forum, Mintha reported.
Sisaraman acknowledged that blockchain technology has the potential to improve India’s economy. “Blockchain is full of potential not only in the payments sector, but in many other areas,” she explained.
Our intention is not to hurt or say we don’t need the ecosystem, but to define ourselves how we need it, how it promotes growth and how we handle it. That is.
But the Finance Minister also emphasized that “whether money laundering or something that leads to financial terrorism can be manipulated for less desirable purposes.”
The Finance Minister said these were concerns not only for India but for many countries. She gave her opinion:
At the very least, we all need to take the time to make sure that we are making the identified decision using the information available. You can’t hurry.
Indian Treasury officials have been in talks with international organizations such as the International Monetary Fund (IMF) and the World Bank. IMF Managing Director Crystalina Georgieva Said Last week, India showed “how we are at the forefront of digital currencies, especially central bank digital currencies, and how we are dealing with reducing the risk from crypto assets of Indian people and companies.”
Cryptographic revenue is taxed at 30% while the Government of India is working on the national crypto policy. On July 1st, a 1% tax (TDS) deducted from the source will be levied on all crypto transactions.
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