India will introduce measures related to crypto this year, says a government official - Regulation

According to the country's Economic Minister, Ajay Seth, the Indian government plans to introduce “measures related to crypto” this year. The Indian finance minister says that the regulation of cryptocurrency is discussed at her upcoming G20 meeting of the finance minister and central bank governors.

India could introduce crypto measures this year

reports said India's Minister of Economics Ajay Seth on Saturday at a press conference after the budget in Mumbai that India would introduce "measures related to crypto" this year.

"The technology of crypto-assets such as blockchain and others can be used, but their use in the financial sector can hide several risks," he was quoted by local media. The official stated:

In the course of this year, measures related to crypto would be released.

The Minister of Economy added: "In India, nobody talks about the use of crypto as a currency. The risks are to use it as a token."

The Indian government has been working on crypto legislation for several years. A draft of a crypto calculation was revealed 2019 it was never moved into parliament .

India discusses crypto legislation with G20 countries

The Indian Finance Minister Nirmala Sitharaman reported on Friday in a post-budget interview with the Network18 Group that she would examine the development of a global standard work instruction (SOP) to regulate crypto-assets at her upcoming G20 meeting. Under the Indian presidency, the first meeting of the G20 finance ministers and central bank governors is to take place on February 24th and 25th in Bengaluru.

Sitharaman said:

We will check whether global SOP is available and agreed to regulate crypto-assets while we recognize the central bank as an authority for the issue of cryptocurrencies.

"The rest of the assets created outside uses very useful financial technologies. These also have to be discussed, because regulations cannot be carried out individually by a country, it must be a collective action because technology tolerates no limits," stated the finance minister.

During her budget speech last week, Sitharaman did not mention crypto-assets. However, this year's finance law contained several new tax penalties with regard to the crypto (tds) deducted to the source). These years Economic survey also emphasized the need to regulate the regulation of the Crypto ecosystems ”.

India's central bank, the Reserve Bank of India (RBI), has repeatedly recommended that cryptocurrencies such as Bitcoin and Ether prohibit. Please note that crypto could Undergraben RBI-Gouvenur Shaktikanta that recently said:

If crypto is allowed in India, the RBI loses control of the monitoring of transactions. Crypto, disguised as a financial asset, is a completely out of place argument.

The governor of the Indian central bank has also warned that crypto could lead to Next financial crisis . In the meantime, the RBI is currently pilot its digital currency of the central bank (cbdc), the digital Rupie.

Do you believe that India will introduce measures related to crypto this year? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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