- Nirmala Sitharaman is confident with crypto in India.
- Points out various negative impacts of crypto too.
- India to launch its own CBDC in 2023.
Being one of the world’s largest crypto users in the country, India has a lot to play with the entire crypto industry. The prominent role India plays decides and ought to impact the entire crypto and blockchain ecosystem.
In such terms, whatsoever, decision’s the nation takes in regards with cryptocurrency has to be seriously looked upon and followed. In such terms, the Finance MInister of India, Nirmala Sitharaman has been in talks of crypto for the last two years. Currently, the nation has either legalized crypto completely nor imposed a ban on them.
This current state cannot continue forever, and India has to take upon a decision soon. And so, all the processes with regards to cryptocurrency are taking place hastily. On the other hand, Nirmala Sitharaman, who’s currently on her week-long tour in the U.S, had a storm session with students from Stanford University, upon which she put out her views and future crypto plans for India.
India’s Crypto Plans
Accordingly, the Finance MInister of India states that crypto indeed plays a major role in the current world, and could not be left out. At the same time owing to the major users of crypto being from India, the nation has to take certain clear and distinctive decisions upon the subject.
Moreover, the Finance Minister states that India will not get into any decisions hastily when it comes sto crypto and that they will be analyzing clearly all the merits and demerits. In addition, she utters that the Indian government is indeed supporting and encouraging by all means all the technology that revolves around the crypto industry, especially the blockchain.
However, she states that there are extreme concerns with high possibilities of money laundering and frauds, which has to be regulated and devised properly. Though it’s delayed, this is the major reason for the delays, the MInister states.
Besides, not to forget the fact that Nirmala Sitharaman proposed a hefty 30% tax on all sorts of crypto transactions, and which is currently in implementation since April, 2022. Also, she revealed that the Reserve Bank of India will be soon coming up with its own Central Bank Digital Currency (CBDC) by the year 2023.