India’s Finance Minister Nirmala Sitharaman has highlighted the importance of international cooperation when it comes to formulating cryptocurrency regulations. She also confirmed that the Indian regulators will continue to promote the awareness campaign to warn the public about the risks associated with digital asset investing.
Indian FinMin On Crypto Regulation, Bill?, and Awareness Campaign
At a press conference on Monday, Indian Finance Minister Nirmala Sitharaman commented on the matter of cryptocurrencies:
The G20 agenda includes the issue of cryptocurrencies and we believe that global cooperation is necessary for both developing and trading crypto assets.
“The reason for this is because digital currencies can be located outside India and still be utilized within the country, or vice-versa,” the FinMin added.
Sitharaman also addressed the issue of young people investing their pocket money into high-risk crypto assets with the expectation of higher returns. She said:
“Regarding the concern for young people that you raised, we already have regulators and national security repository centers that have done a lot of campaigning. This campaign is regularly conducted to alert people that this is a high-risk area and they should be cautious.” In 2018, Indian regulators launched an awareness campaign to educate the public about digital currencies.
The Finance Minister also spoke about the much-anticipated cryptocurrency bill, which the Indian government has been working on for some time. She commented:
Regarding the bill, it will be sent.
Recently, it was reported that India is engaging with G20 members to set up a standard operating protocol (SOP) for regulating digital currencies. An official from the government stated that authorities will introduce measures to tackle crypto assets in the coming year. However, the government has already increased penalties for crypto taxation.
Do you think India will start regulating cryptocurrency this year? Let us know in the comments section below.
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