Nirmala Sitharaman made a big statement about crypto currency after a long time. Responding to a question in Parliament, the finance minister said the creation of a standard operating protocol to regulate crypto mining is still under consideration. He said that discussions are going on with the G-20 countries. The Finance Minister said that the issue has been raised by India in the G-20. Details are being discussed with member countries.
Nirmala Sitharaman said, Cryptocurrency is something that is driven by a technology. No single country will succeed in controlling it alone. That is why the matter has been raised at the G20. This is currently being discussed with the members.
The center is watching
The finance minister said in this context that cryptocurrency is currently an unregulated thing in this country. He said a standard operating protocol might emerge after discussions at the G-20. Which is consistent and all countries can work on it together, in consensus. He also said that a similar approach should be taken to regulate crypto transactions.
DMK Member of Parliament T. Finance Minister Nirmala Sitharaman gave this answer in the context of Sumathi’s question. Incidentally, during the budget presentation in 2022, the finance minister imposed a 30 percent tax on income from cryptocurrencies. Cryptocurrencies started losing popularity in India since then. On the other hand, the RBI has also warned the common people about cryptocurrencies.
Time and again, the RBI has expressed apprehensions about crypto. RBI Governor Shaktikanta Das himself termed cryptocurrencies as gambling. He said that cryptocurrency poses a serious threat to Indian economy. He said that even if cryptocurrency is introduced in India, it may pose a danger to the Reserve Bank. Shaktikanta Das clarified that it is a big mistake to consider cryptocurrency as an asset.