Nirmala Sitharaman, the finance minister, claimed that the government’s extra cautious approach to crypto could be a hazardous move that could stifle “a futuristic thing.”
She emphasized that the government is conducting extensive consultations on the topic of cryptocurrencies in India and is also taking the Reserve Bank of India’s perspective into account.
“This is not an era in which you can say, ‘I’m not concerned about what’s occurring,’ or ‘We’re not interested in doing anything.’ Simultaneously, are we prepared to follow El Salvador’s lead? We need to be certain that anything futuristic cannot be ruled out,” Sitharaman told Hindustan Times.
Sitharaman stated that developing India’s own cryptocurrency is not impossible, given the country’s technology and finance infrastructure. However, the Finance Minister emphasizes the importance of care in developing a flawless strategy for integrating the decentralized domain into a nation’s economy. Nonetheless, she noted that it is a matter of what is most appropriate for the country and that they should “think it through” before taking an anti-crypto stance.
“We must evolve something that is compatible with our systems. India’s strength is in technology; fintech provides us control over the instruments with which we may play, and our economy is brimming with opportunities. As a result, we must exercise caution; but, we must also think things through,” Sitharaman stated.
India’s Cryptocurrency Tax
Earlier this month, India’s crypto community expressed relief after an ET report suggested that the government may charge crypto transactions and exchanges rather than imposing an outright ban. However, taxing crypto assets will not transform them into an asset class. Additionally, the data contradicts recent comments made by Mr. Shaktikanta Das, governor of the Indian Central Bank, who suggested that crypto-assets are a serious worry.
“We have expressed serious concerns to the authorities over cryptocurrency. In terms of investment advice, central banks do not provide it. It is up to each investor to conduct his or her own appraisal, due diligence, and make extremely prudent investment decisions,” Das stated.
Also Read: BTG Pactual To Offer Bitcoin And Ethereum Investment Options
Wallets